Guideline Value for Erikarai Street

Erikarai Street guideline value

The current guideline value of Erikarai Street in Peerklankaranai village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of Erikarai Street has changed

The guideline value for Erikarai Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which was a decrease of 33% from the previous revision in 2017, where the value was Rs 804 per sq.ft. The next revision in 2023 increased the value to Rs 1,200 per sq.ft, marking a significant increase of 49%. As of the latest revision in 2024, the guideline value stands at Rs 1,320 per sq.ft, reflecting a 10% increase from 2023.

It is important to note that there are no recorded figures for Erikarai Street in the revisions from 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO that have a 2024 guideline value ranging from Rs 880 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Erikarai Street's 2024 figure below that median.

• Erikkarai Salai, Kumaran St to Mayanam: Rs 1,100 per sq.ft (2024)
• Erikkarai Salai, Sri Ram Nagar to Kumaran st: Rs 1,320 per sq.ft (2024)
• Erikkarai Salai to Sri Ram Nagar: Rs 1,100 per sq.ft (2024)
• Elangovan Street: Rs 1,320 per sq.ft (2024)
• Dravupathi Street: Rs 1,100 per sq.ft (2024)
• Gandhi Road: Rs 1,980 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 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, while the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. It is important to note that 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 accurate 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 Peerklankaranai

The guideline value is a crucial factor in the registration of property transactions in Peerklankaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is in compliance with local regulations.

When buying or selling property, the guideline value will influence the stamp duty and registration fees payable. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Erikarai Street?

The current guideline value of Erikarai Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2023 to Rs 1,320 per sq.ft in 2024, reflecting a 10% increase. It was Rs 804 per sq.ft in 2017, and Rs 1,200 per sq.ft in 2012.

What are the stamp duty and registration fees for Erikarai Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,18,800.

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.

What is the land classification for Erikarai Street?

Erikarai Street is classified as Residential Class I Type - III, indicating its suitability for residential development.