Guideline Value for Erattamalai Srinivasan Street

Erattamalai Srinivasan Street guideline value

The current guideline value of Erattamalai Srinivasan Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of Erattamalai Srinivasan Street has changed

The guideline value for Erattamalai Srinivasan Street has seen several revisions over the years. In 2002, the value was Rs 3,471 per sq.ft, which decreased to Rs 353 per sq.ft in 2003. Following this, the value rose to Rs 400 per sq.ft in 2007, then significantly increased to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017, before climbing to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft.

Between the revisions, there have been notable changes. From 2023 to 2024, the guideline value increased by 10%. The period from 2017 to 2023 saw a significant rise of 49%. Conversely, the value dropped by 33% from 2012 to 2017. The increase from 2007 to 2012 was substantial at 275%, while there was a modest rise of 13% from 2003 to 2007. The drastic decrease of 90% occurred between 2002 and 2003. Overall, from 2002 to 2024, the guideline value has decreased by 52%.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value is Rs 1,650 per sq.ft, which aligns with the current guideline value of Erattamalai Srinivasan Street.

• Erikkarai Street: Rs 1,320 per sq.ft (2024)
• Fathima Street: Rs 2,200 per sq.ft (2024)
• Duraiswamy Street: Rs 1,650 per sq.ft (2024)
• Duraiswamy Mudaliar Street: Rs 3,300 per sq.ft (2024)
• Duraisamy Reddy Street: Rs 1,650 per sq.ft (2024)
• Durai Abdul Vahab Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Erattamalai Srinivasan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erattamalai Srinivasan Street?

The Sub Registrar Office that covers Erattamalai Srinivasan Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Naravarikuppam, it is essential to consider the guideline value, as it influences the stamp duty and registration fees applicable to the transaction.

During the registration process, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Erattamalai Srinivasan Street?

The current guideline value of Erattamalai Srinivasan Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,471 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024. The most significant increase occurred between 2007 and 2012, while the most notable decrease was from 2002 to 2003.

What is the classification of Erattamalai Srinivasan Street?

Erattamalai Srinivasan Street is classified as Residential Class II Type - I, indicating its designation for residential use.

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

For a 1,000 sq.ft property at the current guideline value, the total guideline value is Rs 16,50,000. The stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles registrations for Erattamalai Srinivasan Street?

The Redhills Sub Registrar Office handles registrations for Erattamalai Srinivasan Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.