Guideline Value for Erikkari 7th Street

Erikkari 7th Street guideline value

The current guideline value of Erikkari 7th 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, classified as Residential Class I Type - I.

How the guideline value of Erikkari 7th Street has changed

The guideline value for Erikkari 7th Street has undergone several revisions over the years. The register does not have figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 3,500 per sq.ft, which increased by 10% to Rs 3,850 per sq.ft in the 2024 revision.

This increase reflects a consistent rise in property values in the area. The 2024 revision marks the most recent update, showcasing the current valuation for this street.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 2,750 per sq.ft. Erikkari 7th Street's 2024 guideline value is above this median.

• Erikkari 6th Street: Rs 3,850 per sq.ft (2024)
• Erikkari 8th Street: Rs 3,850 per sq.ft (2024)
• Erikkari 5th Street: Rs 3,850 per sq.ft (2024)
• Erikkari 9th Street: Rs 3,850 per sq.ft (2024)
• Erikkari 4th Street: Rs 3,850 per sq.ft (2024)
• Erikkari 3rd Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkari 7th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,850 per sq.ft, the 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, totaling Rs 3,46,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erikkari 7th Street?

Erikkari 7th Street falls under the jurisdiction of 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 critical factor in the registration process for property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling a property, the guideline value helps in calculating the stamp duty and registration fees, which are essential for the legal transfer of property ownership. This ensures that both buyers and sellers are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Erikkari 7th Street?

The current guideline value of Erikkari 7th 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 for Erikkari 7th Street has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification of Erikkari 7th Street?

Erikkari 7th Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur total fees of Rs 3,46,500 based on the current guideline value.

Where can I find the Sub Registrar Office for Erikkari 7th Street?

The Velacheri Sub Registrar Office covers Erikkari 7th Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.