Guideline Value for Erikkarai Street (NP)

Erikkarai Street (NP) guideline value

The current guideline value of Erikkarai Street (NP) is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, classified as Residential Class IV Type - II.

How the guideline value of Erikkarai Street (NP) has changed

Over the years, the guideline value of Erikkarai Street (NP) has seen several revisions. The 2012 revision set the value at Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in the 2017 revision. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, and in the latest 2024 revision, it rose further to Rs 3,300 per sq.ft, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007.

To summarize the changes: from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023, and overall, from 2012 to 2024, there has been a 10% increase in the guideline value.

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 as of 2024. The median guideline value for these streets is Rs 4,900 per sq.ft, indicating that Erikkarai Street's 2024 figure is below this median.

• Erikkarai Road Block 61 (Lakeview Road): Rs 6,000 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 Street (NP)

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erikkarai Street (NP)?

The Sub Registrar Office covering Erikkarai Street (NP) 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, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the buyer is required to pay stamp duty and registration fees based on the guideline value. This ensures that the government receives the appropriate revenue from property transactions, reflecting the official value of the property in the area.

Frequently asked questions

What is the current guideline value of Erikkarai Street (NP)?

The current guideline value of Erikkarai Street (NP) is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012, showing a significant increase of 49% from 2017 to 2023.

What is the land classification for Erikkarai Street (NP)?

Erikkarai Street (NP) is classified as Residential Class IV Type - II, indicating its use for residential purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are based on the higher of the guideline value or the sale price.

Where is the Sub Registrar Office for Erikkarai Street (NP) located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.