Guideline Value for Elumalai Street

Elumalai Street guideline value

The current guideline value of Elumalai Street in Sembiam village, under the Sembiam SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Elumalai Street has changed

The guideline value for Elumalai Street has seen several revisions over the years. In 2002, the value was Rs 347 per sq.ft, which increased to Rs 376 per sq.ft in 2003, marking an 8% rise. The value continued to grow, reaching Rs 700 per sq.ft in 2007, a significant increase of 86%. Following this, the value surged to Rs 1,800 per sq.ft in 2012, reflecting a 157% increase. However, it then dropped to Rs 1,206 per sq.ft in 2017, a decrease of 33%. The value climbed again to Rs 1,800 per sq.ft in 2023, and most recently to Rs 1,900 per sq.ft in 2024, showing a 6% increase.

Overall, from 2002 to 2024, the guideline value has increased by 448%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO, with 2024 guideline values ranging from Rs 1,700 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, placing Elumalai Street's 2024 figure below that median.

• Erukkancherry High Road: Rs 4,400 per sq.ft (2024)
• Elango Street (Ramana Nagar): Rs 1,900 per sq.ft (2024)
• Elango Street (Anbazhagan Nagar): Rs 1,900 per sq.ft (2024)
• Duraisamy Mudali Street: Rs 1,900 per sq.ft (2024)
• Gandhi Street: Rs 1,900 per sq.ft (2024)
• Dhimmasamy Dharga 4th Street: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Elumalai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty, charged at 7%, would be Rs 1,33,000, while the registration fee at 2% would be Rs 38,000. Together, these fees total Rs 1,71,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Elumalai Street?

The Sub Registrar Office that covers Elumalai Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Sembiam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the government receives appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process helps maintain transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Elumalai Street?

The current guideline value of Elumalai Street is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 347 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting an overall increase of 448% over this period.

What is the land classification for Elumalai Street?

Elumalai Street is classified as Residential Class II Type - I, indicating its use for residential purposes.

Where can I find the Sub Registrar Office for Elumalai Street?

The Sub Registrar Office for Elumalai Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000 and the registration fee would be Rs 38,000, totaling Rs 1,71,000.