Guideline Value for Erikkarai Road Block 61 (Lakeview Road)

Erikkarai Road Block 61 (Lakeview Road) guideline value

The current guideline value for Erikkarai Road Block 61 (Lakeview Road) is Rs 6,000 per sq.ft, effective from 1 July 2024. This property is located in Kodambakkam village and falls under the Ashok Nagar SRO with a land classification of Residential Class II Type - III.

How the guideline value of Erikkarai Road Block 61 (Lakeview Road) has changed

The guideline value for Erikkarai Road Block 61 (Lakeview Road) has seen several revisions over the years. In 2012, the guideline value was set at Rs 5,500 per sq.ft. This figure decreased to Rs 3,685 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 5,500 per sq.ft, representing a 49% rise. The most recent revision in 2024 brought the guideline value to Rs 6,000 per sq.ft, a 9% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 9%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Erikkarai Road Block 61 (Lakeview Road) above this median at Rs 6,000 per sq.ft.

• Erikkarai Street (NP): Rs 3,300 per sq.ft (2024)
• Erikkaria Salai (Kambar Street, J.Pet): Rs 4,900 per sq.ft (2024)
• E.S.I. Colony: Rs 4,100 per sq.ft (2024)
• Elumalai Street Block 93(S.P): Rs 4,900 per sq.ft (2024)
• Elumalai Naicker Street (JPT): Rs 4,100 per sq.ft (2024)
• Ellamuthamman Koil 2nd Street(V.P): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkarai Road Block 61 (Lakeview Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, totaling Rs 5,40,000. 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 further calculations.

Which Sub Registrar Office covers Erikkarai Road Block 61 (Lakeview Road)?

The Sub Registrar Office that covers Erikkarai Road Block 61 (Lakeview Road) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Kodambakkam. It serves as a benchmark for determining the stamp duty and registration fees when buying or selling property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the registration process.

When a property is sold, the guideline value is used to assess the applicable taxes and fees. It is essential for both parties to be aware of the current guideline value to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Erikkarai Road Block 61 (Lakeview Road)?

The current guideline value for Erikkarai Road Block 61 (Lakeview Road) is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,500 per sq.ft in 2012 to Rs 3,685 per sq.ft in 2017, then increased to Rs 5,500 per sq.ft in 2023, and finally to Rs 6,000 per sq.ft in 2024.

What is the land classification for Erikkarai Road Block 61 (Lakeview Road)?

Erikkarai Road Block 61 (Lakeview Road) is classified as Residential Class II Type - III.

Where can I find the Sub Registrar Office for this area?

The Ashok Nagar Sub Registrar Office covers Erikkarai Road Block 61 (Lakeview Road) and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000 at 7%.