Guideline Value for Erikkari 3rd Street

Erikkari 3rd Street guideline value

The current guideline value of Erikkari 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it falls under the Residential Class I Type - I land classification.

How the guideline value of Erikkari 3rd Street has changed

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

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

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value for the village is Rs 2,750 per sq.ft, making the 2024 figure for Erikkari 3rd Street above this median.

• Erikkari 2nd 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)
• Erikkari 7th Street: Rs 3,850 per sq.ft (2024)
• Erikkari 8th Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkari 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to 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 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 Erikkari 3rd Street?

The Sub Registrar Office that covers Erikkari 3rd 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 Madipakkam-1

The guideline value is a crucial factor when registering property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. This value is used to calculate the applicable stamp duty and registration fees, which are necessary for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Erikkari 3rd Street?

The current guideline value of Erikkari 3rd 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 increased from Rs 2,345 per sq.ft in 2017 to Rs 3,850 per sq.ft in 2024, representing an overall increase of 64%. There were no figures available for the years 2002, 2003, 2007, and 2012.

What are the stamp duty and registration fees for property in Erikkari 3rd Street?

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. Duty is charged on the higher of the guideline value and the sale price.

Which Sub Registrar Office covers Erikkari 3rd Street?

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

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft. Erikkari 3rd Street's 2024 figure is above this median.