Guideline Value for Erikkari 2nd Street

Erikkari 2nd Street guideline value

The current guideline value of Erikkari 2nd Street is Rs 3,850 per sq.ft. This street is located in Madipakkam-1 village, under the Velacheri SRO, and is classified as Residential Class I Type - I.

How the guideline value of Erikkari 2nd Street has changed

The guideline value for Erikkari 2nd Street has seen several revisions over the years. The 2017 revision recorded a guideline value of Rs 2,345 per sq.ft. This increased to Rs 3,500 per sq.ft in the 2023 revision, marking a significant rise of 49%. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing Erikkari 2nd Street's 2024 guideline value above this median.

• 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)
• Erikkari 6th Street: Rs 3,850 per sq.ft (2024)
• Erikkarai Street 2nd Cross: Rs 3,850 per sq.ft (2024)
• Erikkari 7th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkari 2nd 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 at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total fees to 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 also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Erikkari 2nd Street?

The Sub Registrar Office that covers Erikkari 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is compared with 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 Erikkari 2nd Street?

The current guideline value of Erikkari 2nd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How much 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% over this period.

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 Sub Registrar Office is responsible for Erikkari 2nd Street?

The Velacheri Sub Registrar Office is responsible for Erikkari 2nd Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value determined for properties?

The guideline value is determined based on revisions made by the Registration Department and reflects the value of properties in a specific area. It is used to calculate stamp duty and registration fees during property transactions.