Guideline Value for Elumalai Street

Elumalai Street guideline value

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

How the guideline value of Elumalai Street has changed

The guideline value for Elumalai Street has undergone several revisions over the years. In the 2003 revision, the value was Rs 592 per sq.ft, which increased significantly to Rs 1,372 per sq.ft in 2007, marking a 132% rise. The value remained unchanged at Rs 3,200 per sq.ft from 2012 until the 2023 revision, which also held the same figure.

The most recent revision in 2024 saw the guideline value increase to Rs 3,520 per sq.ft, reflecting a 10% increase from the previous year. Overall, from 2003 to 2024, there has been a substantial increase of 495% in the guideline value for Elumalai Street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Elumalai Street's 2024 figure above this median.

• Elumalai Nagar: Rs 3,520 per sq.ft (2024)
• Emanuvel Street: Rs 3,520 per sq.ft (2024)
• Elumalai Maistry Street: Rs 2,100 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 Street

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, charged 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 duty is charged on the higher of the guideline value or 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 Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Zaminpallavaram. It serves as a reference for determining the stamp duty and registration fees applicable when registering a property sale.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. It is mandatory to adhere to these values during registration to avoid discrepancies.

Frequently asked questions

What is the current guideline value of Elumalai Street?

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

How much has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 592 per sq.ft to Rs 3,520 per sq.ft in 2024, reflecting a total increase of 495% over the years.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 35,20,000, the stamp duty would be Rs 2,46,400 and the registration fee would be Rs 70,400, totaling Rs 3,16,800.

Which office handles property registrations in this area?

The Pallavaram Sub Registrar Office handles property registrations for Elumalai Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the significance of guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions, ensuring that the sale is recorded at a fair value for legal and taxation purposes.