Guideline Value for Erikkarai Street

Erikkarai Street guideline value

The current guideline value of Erikkarai Street in Naravarikuppam village is Rs 1,320 per sq.ft, effective from the 2024 revision. This street falls under the Redhills SRO and is classified as Residential Class III Type - I.

How the guideline value of Erikkarai Street has changed

In the 2007 revision, the guideline value was Rs 400 per sq.ft. This figure increased significantly to Rs 1,200 per sq.ft in the 2012 revision, marking a 200% rise. However, the 2017 revision saw a decrease to Rs 804 per sq.ft, which is a decline of 33%. The value then rose to Rs 1,200 per sq.ft in the 2023 revision, reflecting a 49% increase. The latest revision in 2024 has set the value at Rs 1,320 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for Erikkarai Street in the 2002 and 2003 revisions. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 230%.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Erikkarai Street's 2024 figure below that median.

• Erattamalai Srinivasan Street: Rs 1,650 per sq.ft (2024)
• Fathima Street: Rs 2,200 per sq.ft (2024)
• Duraiswamy Street: Rs 1,650 per sq.ft (2024)
• Duraiswamy Mudaliar Street: Rs 3,300 per sq.ft (2024)
• Duraisamy Reddy Street: Rs 1,650 per sq.ft (2024)
• Durai Abdul Vahab Street: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. 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?

Erikkarai Street is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Naravarikuppam. It is used to calculate the stamp duty and registration fees, which are mandatory for property transactions.

When registering a property, the guideline value is considered to ensure that the transaction is recorded accurately. Buyers and sellers must be aware of this value as it directly impacts the financial aspects of the property deal.

Frequently asked questions

What is the current guideline value of Erikkarai Street?

The current guideline value of Erikkarai Street is Rs 1,320 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, showing an overall increase of 230% over the years.

What is the registration office for Erikkarai Street?

The registration office for Erikkarai Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for property in Erikkarai Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot at Rs 1,320 per sq.ft, the stamp duty would be Rs 92,400.

What is the land classification for Erikkarai Street?

Erikkarai Street is classified as Residential Class III Type - I, which is important for determining its guideline value and usage.