Guideline Value for Erikarai Street

Erikarai Street guideline value

The current guideline value of Erikarai Street is Rs 100 per sq.ft, effective from 1 July 2024. This street is located in Ottankaranai village, under the Sriperumpudur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Erikarai Street has changed

In the 2012 revision, the guideline value was set at Rs 80 per sq.ft. This increased to Rs 54 per sq.ft in the 2017 revision, marking a decrease of 33%. However, from 2017 to 2023, the value rose significantly to Rs 100 per sq.ft, reflecting an 85% increase. The current guideline value has remained the same from 2023 to 2024, with no change of 0%.

There are no figures available for the revisions in 2002, 2003, and 2007 for Erikarai Street. Overall, comparing the 2012 revision to the current 2024 value, there has been a 25% increase in the guideline value.

Guideline values in Ottankaranai

In Ottankaranai village, there are eight streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 100 to Rs 300 per sq.ft, with a median value of Rs 150 per sq.ft. Erikarai Street's current guideline value is below this median.

• Ganapathy Nagar: Rs 200 per sq.ft (2024)
• Bajanai Koil Street: Rs 200 per sq.ft (2024)
• Bajanai Koil 2nd Cross Street: Rs 100 per sq.ft (2024)
• Bajanai Koil 1st Cross Street: Rs 100 per sq.ft (2024)
• Mcb Ragas Phase-II: Rs 200 per sq.ft (2024)
• Thai Avenue: Rs 100 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai Street

For a 1,000 sq.ft plot at the current rate of Rs 100 per sq.ft, the guideline value would be Rs 1,00,000. The stamp duty at 7% would be Rs 7,000, and the registration fee at 2% would be Rs 2,000, making the total Rs 9,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Erikarai Street?

Erikarai Street falls under the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in Ottankaranai.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai Street is Rs 100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent being Rs 100 per sq.ft in both 2023 and 2024. It was Rs 54 per sq.ft in 2017 and Rs 80 per sq.ft in 2012, showing a significant increase over the years.

Where can I find the registration office for Erikarai Street?

The registration office for Erikarai Street is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 100 per sq.ft would incur a total fee of Rs 9,000.

What other streets in Ottankaranai have guideline values?

Other streets in Ottankaranai include Ganapathy Nagar, Bajanai Koil Street, Bajanai Koil 2nd Cross Street, Bajanai Koil 1st Cross Street, Mcb Ragas Phase-II, and Thai Avenue, with values ranging from Rs 100 to Rs 200 per sq.ft.