Guideline Value for Sri Elumalai Nagar

Sri Elumalai Nagar guideline value

The current guideline value of Sri Elumalai Nagar, located in Padiyanallur village under the Redhills SRO, is Rs 770 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of Sri Elumalai Nagar has changed

Since 2003, the guideline value for Sri Elumalai Nagar has seen significant changes. In 2003, the value was Rs 116 per sq.ft, which increased to Rs 400 per sq.ft in 2007. The 2012 revision saw a rise to Rs 700 per sq.ft, but this was followed by a decrease to Rs 469 per sq.ft in 2017. The value then increased to Rs 700 per sq.ft in 2023, and currently stands at Rs 770 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 564%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Padiyanallur

Padiyanallur village has a total of 132 streets under the Redhills SRO, with the 2024 guideline values ranging from Rs 385 to Rs 2,750 per sq.ft. The median value for these streets is Rs 770 per sq.ft, which is equal to the current guideline value for Sri Elumalai Nagar.

• Sri Nagaram: Rs 660 per sq.ft (2024)
• Sivakami Ammayar Street: Rs 770 per sq.ft (2024)
• Shenbagaraman Street: Rs 770 per sq.ft (2024)
• Shasthri Street: Rs 770 per sq.ft (2024)
• Subramaniya Bharathiyar Street: Rs 770 per sq.ft (2024)
• Teacher Street: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Elumalai Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, while the registration fee at 2% would be Rs 15,400. Together, these fees amount to Rs 69,300. 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 Sri Elumalai Nagar?

The Sub Registrar Office that covers Sri Elumalai Nagar is the Redhills Sub Registrar Office, located at Sub Registrar Office, Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Padiyanallur. It determines the minimum value at which the property can be registered and is used to calculate the stamp duty and registration fees.

When a property transaction occurs, the guideline value ensures that the property is not undervalued. This helps maintain transparency in property transactions and ensures that the government receives the appropriate revenue from stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Sri Elumalai Nagar?

The current guideline value of Sri Elumalai Nagar is Rs 770 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From 2003 to 2024, the guideline value has increased from Rs 116 per sq.ft to Rs 770 per sq.ft, a total increase of 564%. The most recent change was a 10% increase from Rs 700 per sq.ft in 2023 to Rs 770 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Sri Elumalai Nagar?

For a property valued at Rs 7,70,000, the stamp duty would be Rs 53,900 and the registration fee would be Rs 15,400, totaling Rs 69,300. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers Sri Elumalai Nagar?

The Redhills Sub Registrar Office covers Sri Elumalai Nagar, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the land classification for Sri Elumalai Nagar?

Sri Elumalai Nagar is classified as Residential Class I Type - I, indicating its designation for residential use under the guidelines of the Redhills SRO.