Guideline Value for Erikkarai Street

Erikkarai Street guideline value

The current guideline value of Erikkarai Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO, classified as Residential Class III Type - II.

How the guideline value of Erikkarai Street has changed

The guideline value for Erikkarai Street has seen several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2012, marking a 300% rise. However, it dropped to Rs 670 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 1,000 per sq.ft in 2023, followed by a further increase to Rs 1,100 per sq.ft in 2024, reflecting a 10% change.

Notably, there are no figures available for Erikkarai Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 340%.

Guideline values in Chembakkam

In Chembakkam, there are a total of 472 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing Erikkarai Street's 2024 figure below this median.

• Eswari Nagar: Rs 1,300 per sq.ft (2024)
• E.V.R 1st Cross Street: Rs 1,400 per sq.ft (2024)
• E.V.R 1st Street: Rs 1,400 per sq.ft (2024)
• E.V.R 2nd Cross Street: Rs 1,400 per sq.ft (2024)
• E.V.R 2nd Street: Rs 1,400 per sq.ft (2024)
• E.V.R Cross Street: Rs 1,400 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 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total fees to Rs 99,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Erikkarai Street?

The Sub Registrar Office that covers Erikkarai Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Chembakkam. It is used to determine the stamp duty and registration fees that need to be paid during the purchase or sale of property.

When buyers and sellers agree on a sale price, the higher value between the sale price and the guideline value is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Erikkarai Street?

The current guideline value of Erikkarai Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 250 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, marking a total increase of 340% over the years.

What are the guideline values of other streets in Chembakkam?

Other streets in Chembakkam have varying guideline values, with rates ranging from Rs 850 to Rs 6,700 per sq.ft. For example, Eswari Nagar is valued at Rs 1,300 per sq.ft, while several E.V.R streets are valued at Rs 1,400 per sq.ft.

How is stamp duty calculated for properties in Erikkarai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 at a rate of 7%.

Where is the Sub Registrar Office for Erikkarai Street located?

The Sub Registrar Office for Erikkarai Street is located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.