Guideline Value for Erikkarai Varadaraja Perumal Koil Lane

Erikkarai Varadaraja Perumal Koil Lane guideline value

The current guideline value of Erikkarai Varadaraja Perumal Koil Lane is Rs 2,200 per sq.ft. This lane is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Erikkarai Varadaraja Perumal Koil Lane has changed

The guideline value for Erikkarai Varadaraja Perumal Koil Lane has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 100 per sq.ft. This increased to Rs 111 per sq.ft in 2003, and then saw a significant rise to Rs 400 per sq.ft in 2007. The value then jumped to Rs 2,000 per sq.ft in 2012, followed by a decrease to Rs 1,340 per sq.ft in 2017. The next revision in 2023 set the guideline value at Rs 2,000 per sq.ft, and the most recent revision in 2024 has increased it to Rs 2,200 per sq.ft.

Between these revisions, the changes were notable. From 2002 to 2003, the increase was +11%. The value surged by +260% from 2003 to 2007. After a +400% increase from 2007 to 2012, there was a decrease of -33% from 2012 to 2017. The value then increased by +49% from 2017 to 2023, and finally, there was a +10% increase from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by +2100%.

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 current value of Erikkarai Varadaraja Perumal Koil Lane.

• Erikkarai Street: 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 Varadaraja Perumal Koil Lane

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, making the total cost for these fees 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 Varadaraja Perumal Koil Lane?

The Erikkarai Varadaraja Perumal Koil Lane is covered by 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 plays a crucial role during property transactions in Nerkundram. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements.

Additionally, the guideline value serves as a benchmark for property transactions in the area. It helps maintain transparency and consistency in property valuations, ensuring that all parties involved in a transaction are informed of the expected costs associated with buying or selling property.

Frequently asked questions

What is the current guideline value of Erikkarai Varadaraja Perumal Koil Lane?

The current guideline value of Erikkarai Varadaraja Perumal Koil Lane 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, starting from Rs 100 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing an overall increase of +2100%.

What are the stamp duty and registration fees for properties in this lane?

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 registrations for properties in this area?

The Virugambakkam Sub Registrar Office handles registrations for properties in Erikkarai Varadaraja Perumal Koil Lane, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for Erikkarai Varadaraja Perumal Koil Lane?

The land classification for Erikkarai Varadaraja Perumal Koil Lane is Residential Class IV Type - I, indicating its suitability for residential development.