Guideline Value for Erikkaria Salai (Kambar Street, J.Pet)

Erikkaria Salai (Kambar Street, J.Pet) guideline value

The current guideline value of Erikkaria Salai (Kambar Street, J.Pet) is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village and falls under the Ashok Nagar SRO. The land classification for this area is Residential Class III Type - II.

How the guideline value of Erikkaria Salai (Kambar Street, J.Pet) has changed

The guideline value for Erikkaria Salai has seen several revisions over the years. The 2017 revision set the value at Rs 3,015 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in the 2023 revision. The latest revision in 2024 has further increased the guideline value to Rs 4,900 per sq.ft, marking a 9% rise from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 63%.

It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. This lack of data means that the changes in guideline value during those years are not documented.

Guideline values in Kodambakkam

In Kodambakkam, there are a total of 1,031 streets under the Ashok Nagar SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, which is the same as the current value for Erikkaria Salai.

• Erikkarai Street (NP): Rs 3,300 per sq.ft (2024)
• Erikkarai Road Block 61 (Lakeview Road): Rs 6,000 per sq.ft (2024)
• E.S.I. Colony: Rs 4,100 per sq.ft (2024)
• Elumalai Street Block 93(S.P): Rs 4,900 per sq.ft (2024)
• Elumalai Naicker Street (JPT): Rs 4,100 per sq.ft (2024)
• Ellamuthamman Koil 2nd Street(V.P): Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkaria Salai (Kambar Street, J.Pet)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total cost for these fees to Rs 4,41,000. 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 detailed calculations.

Which Sub Registrar Office covers Erikkaria Salai (Kambar Street, J.Pet)?

The Sub Registrar Office that covers Erikkaria Salai (Kambar Street, J.Pet) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted transparently and fairly.

When a property is bought or sold, the guideline value helps in calculating the stamp duty and registration fees that need to be paid. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, impacting the overall financial commitment involved in the transaction.

Frequently asked questions

What is the current guideline value for Erikkaria Salai (Kambar Street, J.Pet)?

The current guideline value for Erikkaria Salai (Kambar Street, J.Pet) is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,015 per sq.ft in 2017 to Rs 4,500 per sq.ft in 2023, and then to Rs 4,900 per sq.ft in 2024. This represents a 63% increase from 2017 to 2024.

What is the land classification for Erikkaria Salai?

The land classification for Erikkaria Salai (Kambar Street, J.Pet) is Residential Class III Type - II, indicating its suitability for residential purposes.

What other streets have guideline values in Kodambakkam?

Other streets in Kodambakkam include Erikkarai Street (NP) at Rs 3,300 per sq.ft, Erikkarai Road Block 61 (Lakeview Road) at Rs 6,000 per sq.ft, and several others with varying values. The median guideline value for the area is Rs 4,900 per sq.ft.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000, and the registration fee would be Rs 98,000.