Guideline Value for Elephant Gate Street

Elephant Gate Street guideline value

The current guideline value of Elephant Gate Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, and it falls under the Residential Special Type - I land classification.

How the guideline value of Elephant Gate Street has changed

The guideline value for Elephant Gate Street has seen several revisions over the years. In the 2003 revision, the value was Rs 1,468 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007. The value then rose significantly to Rs 5,500 per sq.ft in 2012, before dropping to Rs 3,685 per sq.ft in 2017. The most recent revisions show an increase to Rs 5,500 per sq.ft in 2023, followed by the current value of Rs 6,000 per sq.ft in 2024.

Notably, the changes between these revisions are significant. From 2003 to 2007, the value increased by 36%, followed by a remarkable 175% increase from 2007 to 2012. However, there was a decrease of 33% from 2012 to 2017. The value increased by 49% from 2017 to 2023, and finally, there was a 9% increase from 2023 to 2024. Overall, the guideline value has increased by 309% from 2003 to 2024.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Elephant Gate Street's 2024 figure above this median.

• Ela Kandappan Street: Rs 4,400 per sq.ft (2024)
• Ekavalli Amman Koil Street: Rs 4,400 per sq.ft (2024)
• Ekambareswarar Agraharam Street: Rs 6,000 per sq.ft (2024)
• Edappalayam Street: Rs 4,400 per sq.ft (2024)
• Ebrahim Syed Street: Rs 4,900 per sq.ft (2024)
• Erulappan Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Elephant Gate Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees together to Rs 5,40,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers Elephant Gate Street?

The Sub Registrar Office that covers Elephant Gate Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Muthiyalpet

The guideline value plays a crucial role during property registration in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must take this value into account to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and that all necessary taxes are collected based on the established guideline value.

Frequently asked questions

What is the current guideline value of Elephant Gate Street?

The current guideline value of Elephant Gate Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,468 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 309% over this period.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, with Elephant Gate Street's 2024 figure being above this median.

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the stamp duty calculated for properties in Elephant Gate Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 4,20,000.