Guideline Value for Erikkarai 1st Cross Street

Erikkarai 1st Cross Street guideline value

The current guideline value of Erikkarai 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, which falls under the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Erikkarai 1st Cross Street has changed

The guideline value for Erikkarai 1st Cross Street has undergone several revisions over the years. In 2002, the value was Rs 100 per sq.ft, which increased to Rs 111 per sq.ft in 2003, marking an increase of 11%. The value then saw a significant rise to Rs 400 per sq.ft in 2007, reflecting a 260% increase. Following this, the value jumped to Rs 2,000 per sq.ft in 2012, showing a remarkable increase of 400%. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, representing a decline of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, and most recently, it increased by 10% to the current value of Rs 2,200 per sq.ft in 2024.

There are no figures available for the years not mentioned in the revisions for this street. Overall, from 2002 to 2024, the guideline value has increased by 2,100%.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, which is the same as the current guideline value for Erikkarai 1st Cross Street.

• Erikkarai 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Erikkarai Burial Ground Street: Rs 2,200 per sq.ft (2024)
• Erikkarai Street: Rs 2,200 per sq.ft (2024)
• Erikkarai Varadaraja Perumal Koil Lane: 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 1st Cross Street

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

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Erikkarai 1st Cross Street?

The Erikkarai 1st Cross Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It is used to determine the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the necessary fees. This ensures that all transactions are recorded accurately and fairly in accordance with the established guidelines.

Frequently asked questions

What is the current guideline value of Erikkarai 1st Cross Street?

The current guideline value of Erikkarai 1st Cross 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 100 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,100% over the years.

What is the land classification for Erikkarai 1st Cross Street?

The land classification for Erikkarai 1st Cross Street is Residential Class IV Type - I.

Where is the Virugambakkam Sub Registrar Office located?

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

How is stamp duty calculated for properties in Nerkundram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.