Guideline Value for Erikkarai 2nd Cross Street

Erikkarai 2nd Cross Street guideline value

The current guideline value of Erikkarai 2nd Cross 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 2nd Cross Street has changed

The guideline value for Erikkarai 2nd Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 100 per sq.ft. It increased to Rs 111 per sq.ft in 2003, marking an 11% rise. The value then jumped significantly to Rs 400 per sq.ft in 2007, a change of 260%. In 2012, the value was Rs 2,000 per sq.ft, reflecting a substantial increase of 400% from the previous revision. However, it decreased by 33% to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023, an increase of 49%, before reaching the current value of Rs 2,200 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the revisions in years not mentioned in the register. The overall change from 2002 to 2024 shows a significant increase of 2,100% in the guideline value.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, which is the same as the current value for Erikkarai 2nd Cross Street.

• Erikkarai 1st 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 2nd Cross Street

For a 1,000 sq.ft plot at the current rate, the 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, totaling 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Erikkarai 2nd Cross Street?

The Sub Registrar Office covering Erikkarai 2nd Cross Street is 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

When buying or selling property in Nerkundram, the guideline value is used as a reference for determining the stamp duty and registration fees. The guideline value is set by the government and is updated periodically, reflecting the market conditions in the area.

At the time of registration, the buyer must pay the stamp duty based on the higher amount between the guideline value and the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Erikkarai 2nd Cross Street?

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

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 100 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2,100%.

What are the stamp duty and registration fees for property in Erikkarai 2nd Cross Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Erikkarai 2nd Cross Street?

The Virugambakkam Sub Registrar Office handles property registrations for Erikkarai 2nd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value determined for properties in Nerkundram?

The guideline value for properties in Nerkundram is determined by the government and is based on various factors, including land classification and location. It is updated periodically to reflect current market conditions.