Guideline Value for Erikarai Road

Erikarai Road guideline value

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

How the guideline value of Erikarai Road has changed

Looking at the historical revisions, the guideline value for Erikarai Road was Rs 3,500 per sq.ft in 2023, an increase from Rs 2,345 per sq.ft in 2017. The change from 2017 to 2023 represents a significant increase of 49%. Prior to that, in 2012, the guideline value was Rs 3,500 per sq.ft, which was a decrease of 33% from the 2017 figure.

From 2012 to 2024, the overall change in guideline value is an increase of 10%, with the current figure set at Rs 3,850 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, indicating that the guideline value for Erikarai Road is below this median.

• Eri Karai Extn West Velachery: Rs 4,400 per sq.ft (2024)
• Erikarai Street Extention: Rs 3,850 per sq.ft (2024)
• Erikkarai Extn: Rs 3,850 per sq.ft (2024)
• Erikkarai Street: Rs 3,850 per sq.ft (2024)
• Engineering Avenue 3rd Street: Rs 3,850 per sq.ft (2024)
• Engineering Avenue 2nd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to 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 together to Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Erikarai Road?

The Sub Registrar Office that covers Erikarai 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 more information.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that these fees are calculated based on the officially recognized value of the property.

When buying or selling property, the guideline value helps establish a baseline for the transaction price. This means that the fees are assessed on either the guideline value or the sale price, whichever is higher, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Erikarai Road?

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

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase being from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024. Overall, from 2012 to 2024, the value has increased by 10%.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Erikarai Road?

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

What is the land classification of Erikarai Road?

Erikarai Road is classified as Residential Class II Type - III, indicating its designation for residential use within the area.