Guideline Value for Elumalai Nagar

Elumalai Nagar guideline value

The current guideline value of Elumalai Nagar in Madipakkam-1 village, under the Velacheri SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Elumalai Nagar has changed

The guideline value for Elumalai Nagar has seen several revisions over the years. The 2017 revision set the value at Rs 1,340 per sq.ft, which increased to Rs 2,000 per sq.ft in 2023, marking a change of 49%. The latest revision in 2024 raised the value further to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2017 revision to the 2024 revision, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 for this street in the register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with 2024 guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing Elumalai Nagar's 2024 figure below that median.

• Emarald Street, S.P.R. Nagar: Rs 2,200 per sq.ft (2024)
• Emerald Street: Rs 2,200 per sq.ft (2024)
• Enfield Avenue: Rs 3,850 per sq.ft (2024)
• Enfield Avenue 1st Cross Street: Rs 3,850 per sq.ft (2024)
• Enfield Avenue 1st Street: Rs 3,850 per sq.ft (2024)
• Enfield Avenue 2nd Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Elumalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for additional calculations.

Which Sub Registrar Office covers Elumalai Nagar?

The Sub Registrar Office that covers Elumalai Nagar is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of property.

When a property is bought or sold, the guideline value ensures that the transaction is recorded at a fair value, which aids in maintaining transparency in real estate dealings. It is advisable for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Elumalai Nagar?

The current guideline value of Elumalai Nagar is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 64% over the years.

What are the stamp duty and registration fees for property in Elumalai Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty is Rs 1,54,000, and the registration fee is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Elumalai Nagar?

The Velacheri Sub Registrar Office handles registrations for Elumalai Nagar, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Elumalai Nagar?

The land classification for Elumalai Nagar is Residential Class II Type - I.