Guideline Value for Elumalai Nagar

Elumalai Nagar guideline value

The current guideline value of Elumalai Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024. This area is located in Zaminpallavaram village under the Pallavaram SRO, and it is classified as Residential Class I Type - I.

How the guideline value of Elumalai Nagar has changed

The guideline value for Elumalai Nagar has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 824 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, followed by a significant rise to Rs 3,200 per sq.ft in 2012. However, it dropped to Rs 2,144 per sq.ft in 2017. The 2023 revision saw an increase to Rs 3,200 per sq.ft, and the latest revision in 2024 has set the value at Rs 3,520 per sq.ft. Notably, there is no figure available for the year 2002 in the register for this street.

In terms of percentage changes, the value increased by 21% from 2003 to 2007, then rose dramatically by 220% from 2007 to 2012. The value decreased by 33% from 2012 to 2017, followed by a substantial increase of 49% from 2017 to 2023. The most recent revision from 2023 to 2024 reflects a 10% increase. Overall, from 2003 to 2024, the guideline value has increased by 327%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Elumalai Nagar's 2024 guideline value is above this median.

• Elumalai Maistry Street: Rs 2,100 per sq.ft (2024)
• Elumalai Street: Rs 3,520 per sq.ft (2024)
• Emanuvel Street: Rs 3,520 per sq.ft (2024)
• English Electricl Nagar: Rs 3,300 per sq.ft (2024)
• Erattai Malai Srinivasan Street: Rs 2,750 per sq.ft (2024)
• Erikarai Ora Street: Rs 3,300 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 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total cost for these fees to Rs 3,16,800. 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 Elumalai Nagar?

The Sub Registrar Office that covers Elumalai Nagar is located at Pallavaram Sub Registrar Office, 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration of properties in Zaminpallavaram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is assessed to calculate the applicable duties. Buyers should be aware that the final cost of registration may vary based on whether the sale price exceeds the guideline value.

Frequently asked questions

What is the current guideline value of Elumalai Nagar?

The current guideline value of Elumalai Nagar is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 824 per sq.ft in 2003 to Rs 3,520 per sq.ft in 2024, with various increases and decreases in between, including a significant rise of 327% overall from 2003 to 2024.

What is the registration office for Elumalai Nagar?

The registration office for Elumalai Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated in Elumalai Nagar?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a stamp duty of Rs 2,46,400.

What other streets have guideline values in Zaminpallavaram?

Other streets in Zaminpallavaram include Elumalai Maistry Street at Rs 2,100 per sq.ft, Elumalai Street and Emanuvel Street both at Rs 3,520 per sq.ft, and several others with varying rates.