Guideline Value for Erikkarai Extn

Erikkarai Extn guideline value

The current guideline value of Erikkarai Extn is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - III.

How the guideline value of Erikkarai Extn has changed

The guideline value for Erikkarai Extn has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,500 per sq.ft, and the most recent 2024 revision has further raised it to Rs 3,850 per sq.ft.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, and by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Erikkarai Extn's 2024 guideline value below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to 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 and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Erikkarai Extn?

The Sub Registrar Office that covers Erikkarai Extn is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value plays a crucial role 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 documented at a fair price as per government regulations.

When a property is sold, the buyer is required to pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Erikkarai Extn?

The current guideline value of Erikkarai Extn 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 is the classification of Erikkarai Extn?

Erikkarai Extn is classified as Residential Class II Type - III, indicating its designation for residential use within the area.

What are the stamp duty and registration fees for properties in Erikkarai Extn?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total cost for these fees would be Rs 3,46,500.

Where is the Sub Registrar Office for Erikkarai Extn located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042, covering the Erikkarai Extn area.