Guideline Value for Erusappa Lane

Erusappa Lane guideline value

The current guideline value of Erusappa Lane in Muthiyalpet village is Rs 4,900 per sq.ft, effective from 1 July 2024. This area falls under the Sowcarpet SRO and is classified as Residential Special Type - III.

How the guideline value of Erusappa Lane has changed

In the 2007 revision, the guideline value was Rs 1,600 per sq.ft. This figure increased significantly to Rs 4,500 per sq.ft in the 2012 revision, marking a remarkable rise of 181%. However, in the 2017 revision, the guideline value dropped to Rs 3,015 per sq.ft, reflecting a decrease of 33%. The value then rose again to Rs 4,500 per sq.ft in the 2023 revision, showcasing a 49% increase. Finally, the current revision in 2024 has set the guideline value at Rs 4,900 per sq.ft, which is a 9% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a guideline value for 2024, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in the village is Rs 4,400 per sq.ft, placing Erusappa Lane's 2024 figure above this median.

• Erusappa Maistry Street: Rs 13,000 per sq.ft (2024)
• Erulappan Street: Rs 4,900 per sq.ft (2024)
• Esplanade Road: Rs 13,000 per sq.ft (2024)
• Evening Bazar Road: Rs 13,000 per sq.ft (2024)
• Elephant Gate Street: Rs 6,000 per sq.ft (2024)
• Ela Kandappan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Erusappa Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to 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 the 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 detailed calculations.

Which Sub Registrar Office covers Erusappa Lane?

The Sub Registrar Office that covers Erusappa Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthiyalpet, as it determines the minimum value at which a property can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of ownership.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements and to avoid any disputes during the registration process.

Frequently asked questions

What is the current guideline value of Erusappa Lane?

The current guideline value of Erusappa Lane 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 seen several changes: from Rs 1,600 in 2007 to Rs 4,900 in 2024, with fluctuations in between, including a drop in 2017.

What is the land classification of Erusappa Lane?

Erusappa Lane is classified as Residential Special Type - III, which indicates its zoning for residential purposes.

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Erusappa Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 49,00,000 would incur a stamp duty of Rs 3,43,000 at 7%.