Guideline Value for Erikarai Main Road

Erikarai Main Road guideline value

The current guideline value of Erikarai Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024. This road is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Erikarai Main Road has changed

The guideline value for Erikarai Main Road has seen several revisions over the years. In 2017, the guideline value was Rs 2,345 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2023, marking a 49% rise. The latest revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. The guideline value of Erikarai Main Road is above this median.

• Erikarai 1st Street: Rs 3,850 per sq.ft (2024)
• Erikarai Street/Karthikeyapuram 1st Street: Rs 3,850 per sq.ft (2024)
• Erikkarai Street: Rs 3,850 per sq.ft (2024)
• Erikkarai Street 1st Cross: Rs 3,850 per sq.ft (2024)
• Erikkarai Street 2nd Cross: Rs 3,850 per sq.ft (2024)
• Enfield Avenue/Periyar Nagar Extension: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to Rs 3,46,500. It is important to note that 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 information.

Which Sub Registrar Office covers Erikarai Main Road?

The Sub Registrar Office that covers Erikarai Main Road is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor during the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on the value set by the government.

Frequently asked questions

What is the current guideline value of Erikarai Main Road?

The current guideline value of Erikarai Main Road is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, which is a total increase of 64% over the years.

What are the stamp duty and registration fees for property in Erikarai Main Road?

For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 3,46,500, which includes a stamp duty of Rs 2,69,500 and a registration fee of Rs 77,000.

Which office handles property registrations for Erikarai Main Road?

The Velacheri Sub Registrar Office handles property registrations for Erikarai Main Road, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Erikarai Main Road?

Erikarai Main Road is classified as Residential Class I Type - I, indicating its suitability for residential development.