Guideline Value for Erikarai Street Extention

Erikarai Street Extention guideline value

The current guideline value of Erikarai Street Extention is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - III.

How the guideline value of Erikarai Street Extention has changed

Since the 2012 revision, the guideline value has seen various changes. In 2012, the value was Rs 3,500 per sq.ft, which decreased to Rs 2,345 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 3,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 3,850 per sq.ft, marking a 10% increase from the previous year.

To summarize the changes: the guideline value rose by 49% from 2017 to 2023, and overall, from 2012 to 2024, there has been a 10% increase. There are no figures available in the register 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, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for the area is Rs 4,400 per sq.ft, placing Erikarai Street Extention's 2024 figure below that median.

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

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 cost for these fees 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.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Erikarai Street Extention?

The Sub Registrar Office that covers Erikarai Street Extention is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This means that buyers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Erikarai Street Extention?

The current guideline value of Erikarai Street Extention 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 changed from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, then to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,850 per sq.ft in 2024.

What are the registration fees in Erikarai Street Extention?

For a property valued at Rs 38,50,000, the stamp duty is Rs 2,69,500, and the registration fee is Rs 77,000, totaling Rs 3,46,500.

Which Sub Registrar Office is responsible for Erikarai Street Extention?

The Velacheri Sub Registrar Office is responsible for Erikarai Street Extention, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the land classification for Erikarai Street Extention?

Erikarai Street Extention is classified as Residential Class II Type - III according to the land classification guidelines.