Guideline Value for Erikkarai Street

Erikkarai Street guideline value

The current guideline value of Erikkarai Street is Rs 2,900 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, with a land classification of Residential Special Type - I.

How the guideline value of Erikkarai Street has changed

The guideline value for Erikkarai Street has undergone several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012, marking a 350% rise. However, from 2012 to 2017, the value decreased to Rs 1,809 per sq.ft, a reduction of 33%. The value then saw a substantial increase to Rs 2,700 per sq.ft in 2023, and further to Rs 2,900 per sq.ft in the 2024 revision, reflecting a 7% increase.

There are no figures available for the revisions in 2002 and 2003 for Erikkarai Street. Overall, from 2007 to 2024, the guideline value has increased by 383%.

Guideline values in Selaiyur

In Selaiyur village, there are 478 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,500 per sq.ft. The median value is Rs 2,200 per sq.ft, placing Erikkarai Street's 2024 figure above this median.

• Erikkarai Vinayagar Puram: Rs 1,600 per sq.ft (2024)
• Eswaran Koil Street: Rs 1,300 per sq.ft (2024)
• Eswari Nagar: Rs 2,900 per sq.ft (2024)
• Eswari Nagar Ext: Rs 2,750 per sq.ft (2024)
• Elumalai Street: Rs 2,200 per sq.ft (2024)
• Elumalai Nayakakar Street: Rs 1,600 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 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, totaling Rs 2,61,000. 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?

Erikkarai Street is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is an important factor during the registration of property transactions in Selaiyur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two 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 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, reflecting an overall increase of 383%.

What are the stamp duty and registration fees for property in Erikkarai Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 29,00,000, resulting in a stamp duty of Rs 2,03,000 and a registration fee of Rs 58,000, totaling Rs 2,61,000.

Which office handles property registrations in Selaiyur?

The Selaiyur Sub Registrar Office handles property registrations in Selaiyur, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for ensuring that the appropriate revenue is collected by the government.