Guideline Value for Erikarai 2nd Street

Erikarai 2nd Street guideline value

The current guideline value of Erikarai 2nd Street is Rs 1,650 per sq.ft. This street is located in Kadaperi village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Erikarai 2nd Street has changed

The guideline value for Erikarai 2nd Street has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 300 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a 400% rise. However, the value then decreased to Rs 1,005 per sq.ft in 2017, reflecting a decline of 33%. In 2023, the guideline value rose again to Rs 1,500 per sq.ft, and the most recent revision in 2024 set the value at Rs 1,650 per sq.ft, representing a 10% increase from the previous year.

It is important to note that the register has no figures for Erikarai 2nd Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 450%.

Guideline values in Kadaperi

In Kadaperi, there are 142 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 880 to Rs 7,700 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, which is the same as the guideline value for Erikarai 2nd Street.

• Erikarai 1st Street: Rs 1,650 per sq.ft (2024)
• Erikarai 3rd Street: Rs 1,650 per sq.ft (2024)
• Erikarai 4th Street: Rs 1,650 per sq.ft (2024)
• Erikarai 5th Street: Rs 1,650 per sq.ft (2024)
• Erikarai 6th Street: Rs 1,650 per sq.ft (2024)
• Erikarai 7th Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees 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 also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Erikarai 2nd Street?

The Sub Registrar Office that covers Erikarai 2nd Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

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 Kadaperi, the guideline value is used to calculate the stamp duty and registration fees, ensuring that both parties adhere to the legal requirements set by the government.

It is essential for buyers and sellers to be aware of the current guideline value, as it can impact the overall cost of the transaction. Understanding this value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Erikarai 2nd Street?

The current guideline value of Erikarai 2nd 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 300 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, showing an overall increase of 450%.

What is the land classification for Erikarai 2nd Street?

Erikarai 2nd Street is classified as Residential Class I Type - II.

Where can I find the Sub Registrar Office for Erikarai 2nd Street?

The Sub Registrar Office for Erikarai 2nd Street is located at No.26, Mes Road, East Tambaram, Chennai-600059, under the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Erikarai 2nd Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at Rs 1,650 per sq.ft would incur a stamp duty of Rs 1,15,500.