Guideline Value for Errabalu street

Errabalu street guideline value

The current guideline value of Errabalu street is Rs 16,500 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Errabalu street has changed

Errabalu street has seen significant changes in its guideline value over the years. The 2007 revision set the value at Rs 4,500 per sq.ft, which increased to Rs 15,000 per sq.ft in the 2012 revision. However, this was followed by a decrease to Rs 10,050 per sq.ft in 2017. The 2023 revision marked a substantial increase to Rs 15,000 per sq.ft, and the latest 2024 revision has further increased the value to Rs 16,500 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

Between the revisions, the changes are notable: from 2007 to 2012, there was an increase of 233%; from 2012 to 2017, a decrease of 33%; from 2017 to 2023, an increase of 49%; and from 2023 to 2024, an increase of 10%. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Muthialpet

The guideline values for Muthialpet indicate a range from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. Errabalu street's 2024 guideline value of Rs 16,500 per sq.ft is significantly above the median.

• Ethka Mosque lane: Rs 4,900 per sq.ft (2024)
• Ethka Mosque street @Kuskan street: Rs 4,900 per sq.ft (2024)
• Francis street (Joseph street): Rs 7,700 per sq.ft (2024)
• Geels lane: Rs 4,900 per sq.ft (2024)
• Geels street: Rs 7,700 per sq.ft (2024)
• Girims street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Errabalu street

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value amounts to Rs 1,65,00,000. The stamp duty at 7% would be Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000, totaling Rs 14,85,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Errabalu street?

The Sub Registrar Office that covers Errabalu street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. To find your specific SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers and sellers must be aware that these fees are based on the higher of the guideline value or the actual sale price, which can significantly affect the total cost of the transaction.

Frequently asked questions

What is the current guideline value of Errabalu street?

The current guideline value of Errabalu street is Rs 16,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2007 to Rs 16,500 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What is the land classification for Errabalu street?

Errabalu street is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Errabalu street?

The Sub Registrar Office for Errabalu street is located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How is stamp duty calculated for properties in Muthialpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 1,65,00,000 would incur a stamp duty of Rs 11,55,000 at a rate of 7%.