Guideline Value for Erikkarai Street 2nd Cross

Erikkarai Street 2nd Cross guideline value

The current guideline value of Erikkarai Street 2nd Cross is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village, under the Velacheri SRO, and falls under the Residential Class I Type - I land classification.

How the guideline value of Erikkarai Street 2nd Cross has changed

The guideline value for Erikkarai Street 2nd Cross has seen several revisions over the years. The earliest recorded revision is from 2017, where the guideline value was Rs 2,345 per sq.ft. This figure increased significantly to Rs 3,500 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has set the guideline value at Rs 3,850 per sq.ft, which is a 10% increase from the previous year.

There are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that have a guideline value for 2024, ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, which means Erikkarai Street 2nd Cross's 2024 figure is above that median.

• Erikkarai Street 1st Cross: Rs 3,850 per sq.ft (2024)
• Erikkarai Street: Rs 3,850 per sq.ft (2024)
• Erikkari 2nd Street: Rs 3,850 per sq.ft (2024)
• Erikkari 3rd Street: Rs 3,850 per sq.ft (2024)
• Erikkari 4th Street: Rs 3,850 per sq.ft (2024)
• Erikkari 5th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkarai Street 2nd Cross

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. 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 more details.

Which Sub Registrar Office covers Erikkarai Street 2nd Cross?

The Sub Registrar Office that covers Erikkarai Street 2nd Cross 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 information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in the registration process when buying or selling property in Madipakkam-1. It determines the minimum value at which a property can be registered and is used to calculate stamp duty and registration fees.

When a property is sold, the guideline value ensures that the transaction reflects a fair value for taxation purposes. Buyers and sellers must consider this value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Erikkarai Street 2nd Cross?

The current guideline value of Erikkarai Street 2nd Cross 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 increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 64% across these years.

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

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles property registrations for Erikkarai Street 2nd Cross?

The Velacheri Sub Registrar Office handles property registrations for Erikkarai Street 2nd Cross, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft, indicating that Erikkarai Street 2nd Cross's value is above this median.