Guideline Value for Erikarai Street

Erikarai Street guideline value

The current guideline value of Erikarai Street in Irumpuliyur village is Rs 2,530 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Special Type - I.

How the guideline value of Erikarai Street has changed

Over the years, the guideline value of Erikarai Street has seen several revisions. The earliest recorded figure is from 2007, where the value was Rs 600 per sq.ft. This increased significantly to Rs 2,300 per sq.ft in 2012, marking a rise of 283%. However, it then decreased to Rs 1,541 per sq.ft in 2017, a drop of 33%. The value further increased to Rs 2,300 per sq.ft in 2023, and finally, the latest revision shows a current value of Rs 2,530 per sq.ft in 2024, representing a 10% increase from the previous year. The register has no figures for the years 2002 and 2003.

From 2017 to 2023, the value increased by 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 322%, reflecting substantial changes over the years.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO that have a 2024 guideline value ranging from Rs 880 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which means Erikarai Street's current value is above this median.

• Forest Colony: Rs 1,320 per sq.ft (2024)
• Ganapathipuram Cross Street(Ashok Nagar South): Rs 2,530 per sq.ft (2024)
• Ganapathipuram North Street: Rs 2,530 per sq.ft (2024)
• Ganapathipuram South Street: Rs 2,530 per sq.ft (2024)
• Gangai Street: Rs 2,200 per sq.ft (2024)
• Devaraj Pillai Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Erikarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,530 per sq.ft, the total guideline value amounts to Rs 25,30,000. The stamp duty at 7% would be Rs 1,77,100, and the registration fee at 2% would be Rs 50,600, bringing the total fees to Rs 2,27,700. It is important to note that the 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 detailed calculations.

Which Sub Registrar Office covers Erikarai Street?

Erikarai Street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Irumpuliyur, as it determines the minimum price at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Buyers should be aware that the guideline value may differ from the actual sale price of a property. However, the stamp duty is charged on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai Street is Rs 2,530 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 600 per sq.ft to Rs 2,530 per sq.ft in 2024, reflecting a significant overall increase of 322%.

What is the land classification for Erikarai Street?

Erikarai Street is classified as Residential Special Type - I under the Tambaram Joint 1 SRO.

What are the other streets in Irumpuliyur with their guideline values?

Other streets in Irumpuliyur include Forest Colony at Rs 1,320 per sq.ft, Ganapathipuram Cross Street (Ashok Nagar South), Ganapathipuram North Street, and Ganapathipuram South Street all at Rs 2,530 per sq.ft, Gangai Street at Rs 2,200 per sq.ft, and Devaraj Pillai Nagar at Rs 1,100 per sq.ft.

How is the stamp duty calculated for properties on Erikarai Street?

The stamp duty for properties on Erikarai Street is calculated at 7% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot has a guideline value of Rs 25,30,000, resulting in a stamp duty of Rs 1,77,100.