Guideline Value for ERIKKARAI STREET

Erikkarai Street guideline value

The current guideline value of Erikkarai Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Erikkarai Street has changed

The guideline value for Erikkarai Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 274 per sq.ft. In 2003, it increased to Rs 302 per sq.ft, reflecting a 10% rise. The value then saw a significant jump to Rs 500 per sq.ft in 2007, marking a 66% increase. Following this, the 2012 revision set the value back to Rs 2,000 per sq.ft, a decrease of 300% from the previous figure.

In 2017, the guideline value rose to Rs 1,340 per sq.ft, a 49% increase from 2012. The most recent revision before the current one was in 2023, where the value was Rs 2,000 per sq.ft. The latest revision in 2024 has set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 703%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the guideline value of Erikkarai Street.

• Erikkarai Varadaraja Perumal Koil Lane: Rs 2,200 per sq.ft (2024)
• Erikkarai Burial Ground Street: Rs 2,200 per sq.ft (2024)
• Erikkarai 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Erikkarai 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Dr.R.J.R Nagar: Rs 2,200 per sq.ft (2024)
• DHANALAKSHMI NAGAR - Ganapathi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Erikkarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total charges to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Erikkarai Street?

The Sub Registrar Office that covers Erikkarai Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Nerkundram. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When you buy or sell property, the guideline value helps in determining the minimum price at which the property can be registered. This value is essential for both buyers and sellers to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Erikkarai Street?

The current guideline value of Erikkarai Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 274 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 703% over the years.

What are the stamp duty and registration fees for property in Erikkarai Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 22,00,000. The stamp duty at 7% is Rs 1,54,000, and the registration fee at 2% is Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office covers Erikkarai Street?

The Virugambakkam Sub Registrar Office covers Erikkarai Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification of Erikkarai Street?

Erikkarai Street is classified as Residential Class IV Type - I according to the guideline value register.