Guideline Value for Erikkarai Street

Erikkarai Street guideline value

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

How the guideline value of Erikkarai Street has changed

The guideline value of Erikkarai Street has seen several revisions over the years. In 2002, the guideline value was Rs 196 per sq.ft, which increased significantly to Rs 223 per sq.ft in 2003, marking a change of +14%. The value then surged dramatically to Rs 3,500 per sq.ft in 2012, reflecting an increase of +1470%. However, there was a decrease to Rs 2,345 per sq.ft in 2017, a change of -33%. The value rose again to Rs 3,500 per sq.ft in 2023, and most recently, it has increased to Rs 3,850 per sq.ft in 2024, which is a change of +10%. Notably, there are no figures available for the year 2007 for this street.

Overall, from 2002 to 2024, the guideline value has increased by +1864%. The changes over the years reflect fluctuations in the guideline value, with the most significant increase occurring between 2003 and 2012.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing Erikkarai Street's current value below that median.

• Erikkarai Extn: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value amounts to Rs 38,50,000. The stamp duty charged at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees together 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erikkarai Street?

The Sub Registrar Office covering Erikkarai Street 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 Velachery

The guideline value plays a crucial role in the property registration process in Velachery. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. The guideline value is set by the government and reflects the value of the property based on its location and classification.

When registering a property, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, and it is important for buyers and sellers to be aware of the guideline value in their respective areas.

Frequently asked questions

What is the current guideline value of Erikkarai Street?

The current guideline value of Erikkarai Street 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 196 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of +1864% over the years.

What is the land classification for Erikkarai Street?

Erikkarai Street is classified as Residential Class II Type - III, which indicates its suitability for residential purposes.

Where can I find more information about stamp duty and registration fees?

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

Which Sub Registrar Office covers Erikkarai Street?

The Velacheri Sub Registrar Office covers Erikkarai Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.