Guideline Value for Erikarai Ora Street

Erikarai Ora Street guideline value

The current guideline value of Erikarai Ora Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and falls under the Residential Class I Type - II land classification.

How the guideline value of Erikarai Ora Street has changed

Over the years, the guideline value of Erikarai Ora Street has seen significant changes. In 2003, the guideline value was Rs 181 per sq.ft, which increased to Rs 600 per sq.ft in 2007, marking a change of +231%. The value remained at Rs 3,000 per sq.ft from 2012 until 2023, indicating no change during that period. The most recent revision in 2024 raised the guideline value to Rs 3,300 per sq.ft, reflecting an increase of +10% from the previous year's figure of Rs 3,000 per sq.ft.

Overall, from 2003 to 2024, the guideline value has increased by +1723%. Notably, there were no figures available for the revisions in 2002 and 2017 for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with the 2024 guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The guideline value of Erikarai Ora Street for 2024 is equal to the median of Rs 3,300 per sq.ft for the village.

• Erattai Malai Srinivasan Street: Rs 2,750 per sq.ft (2024)
• Erikarai Street: Rs 2,750 per sq.ft (2024)
• English Electricl Nagar: Rs 3,300 per sq.ft (2024)
• Emanuvel Street: Rs 3,520 per sq.ft (2024)
• E.S.I Colony: Rs 3,520 per sq.ft (2024)
• Elumalai Street: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai Ora Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erikarai Ora Street?

The Sub Registrar Office that covers Erikarai Ora 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 information.

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

The guideline value is a crucial factor when registering properties in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value affects the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair price, preventing undervaluation. It is essential for both parties to understand the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Erikarai Ora Street?

The current guideline value of Erikarai Ora Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 181 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of +1723% over this period.

What is the land classification for Erikarai Ora Street?

Erikarai Ora Street is classified as Residential Class I Type - II, which indicates its suitability for residential development.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Where is the Sub Registrar Office for Erikarai Ora Street located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.