Guideline Value for Erikarai street

Erikarai street guideline value

The current guideline value of Erikarai street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - II.

How the guideline value of Erikarai street has changed

The guideline value for Erikarai street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. This was a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, marking a rise of 49%. The most recent revision in 2024 has further increased the guideline value to Rs 2,750 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no figures for Erikarai street for the years 2002, 2003, and 2007.

Guideline values in Chitlapakkam

In Chitlapakkam, there are a total of 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this village is Rs 1,650 per sq.ft, placing Erikarai street's 2024 value above this median.

• Emaraldu Estate: Rs 2,750 per sq.ft (2024)
• Emarald Estate Avenue: Rs 1,650 per sq.ft (2024)
• Elizabeth street: Rs 1,100 per sq.ft (2024)
• Elizabeth Rani Street: Rs 1,650 per sq.ft (2024)
• Evalappan St: Rs 1,650 per sq.ft (2024)
• E.V.Perumalsamy St ( Sri Manakula vinayagar St): 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 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost for these fees Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Erikarai street?

The Sub Registrar Office that covers Erikarai street is 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 details.

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

The guideline value is a critical factor in property transactions in Chitlapakkam, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value helps in calculating the applicable stamp duty and registration fees, ensuring compliance with local regulations.

During the registration process, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Erikarai street?

The current guideline value of Erikarai street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the median guideline value in Chitlapakkam?

The median guideline value in Chitlapakkam is Rs 1,650 per sq.ft, which is below the current value of Erikarai street.

What are the stamp duty and registration fees for properties in Erikarai street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which Sub Registrar Office covers the registration of properties in Erikarai street?

The Tambaram Joint 1 Sub Registrar Office covers the registration of properties in Erikarai street, located at No.26, mes Road, East Tambaram, Chennai-600059.