Guideline Value for Elephant Gate pada salai

Elephant Gate pada salai guideline value

The current guideline value of Elephant Gate pada salai is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and falls under the Residential Class II Type - II land classification.

How the guideline value of Elephant Gate pada salai has changed

The guideline value for Elephant Gate pada salai has undergone several revisions over the years. In the 2007 revision, the value was Rs 2,000 per sq.ft, which increased to Rs 4,500 per sq.ft in 2012. This marked a significant rise of 125%. However, in the 2017 revision, the value decreased to Rs 3,015 per sq.ft, reflecting a drop of 33%. The 2023 revision saw an increase to Rs 4,500 per sq.ft, and the most recent 2024 revision raised it further to Rs 4,800 per sq.ft, a 7% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 140%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 4,800 per sq.ft, which is equal to the current value of Elephant Gate pada salai.

• Elephant Gate Road Slum Clearnace: Rs 2,700 per sq.ft (2024)
• Ellavaram Veerasamy Street: Rs 9,900 per sq.ft (2024)
• Ekambara Kumaragurusamy Street: Rs 13,000 per sq.ft (2024)
• E.V.K.Sampath Road (or) Rundalls Road: Rs 14,300 per sq.ft (2024)
• E.V.K.Sampth lane: Rs 14,300 per sq.ft (2024)
• Flower Mills Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Elephant Gate pada salai

For a 1,000 sq.ft plot at the current guideline value of Rs 4,800 per sq.ft, the total guideline value amounts to Rs 48,00,000. The stamp duty is charged at 7%, which totals Rs 3,36,000, while the registration fee at 2% comes to Rs 96,000. Together, the total fees amount to Rs 4,32,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Elephant Gate pada salai?

The Sub Registrar Office that covers Elephant Gate pada salai is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Vepery. It is used to determine the stamp duty and registration fees applicable to the transaction. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the government receives the appropriate revenue from property transactions. Buyers and sellers should always refer to the latest guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Elephant Gate pada salai?

The current guideline value of Elephant Gate pada salai is Rs 4,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, marking an overall increase of 140% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 48,00,000, the stamp duty would be Rs 3,36,000 and the registration fee would be Rs 96,000, totaling Rs 4,32,000.

Which Sub Registrar Office is responsible for Elephant Gate pada salai?

The Periamet Sub Registrar Office is responsible for Elephant Gate pada salai, located at 1103, Poonamallee High Road, Chennai-600 003.

What is the land classification for Elephant Gate pada salai?

Elephant Gate pada salai falls under the Residential Class II Type - II land classification.