Guideline Value for YERIKKARAI STREET

Yerikkarai Street guideline value

The current guideline value of Yerikkarai Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Yerikkarai Street has changed

Yerikkarai Street has seen significant changes in its guideline value over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 59 per sq.ft. This value increased to Rs 300 per sq.ft in 2007, marking a substantial rise of 408%. Following this, in 2012, the value jumped to Rs 2,500 per sq.ft, which represented a massive increase of 733%. However, in 2017, the value dropped to Rs 1,675 per sq.ft, a decrease of 33%. The guideline value then rose to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,750 per sq.ft in 2024, which is a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by 4,561%. It is important to note that the register has no figure for Yerikkarai Street for the year 2002.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a guideline value for 2024 ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Yerikkarai Street's current value above this median.

• White Field: Rs 4,110 per sq.ft (2024)
• V.O.C. Street: Rs 1,540 per sq.ft (2024)
• Vivekandhar Street: Rs 2,200 per sq.ft (2024)
• Vishnu Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Vinoth Street: Rs 2,200 per sq.ft (2024)
• Vinayaka Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Yerikkarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, resulting in a total of Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Yerikkarai Street?

The Sub Registrar Office that covers Yerikkarai Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Medavakkam, as it determines the minimum value at which properties can be registered. This value is used to calculate the stamp duty and registration fees that are payable during the transaction process.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Yerikkarai Street?

The current guideline value of Yerikkarai Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, with an overall increase of 4,561% from 2003 to 2024. The most recent revision saw a 10% increase from 2023 to 2024.

What is the land classification for Yerikkarai Street?

Yerikkarai Street is classified as Commercial Class I Type - III, which indicates its suitability for commercial activities.

Where can I find the Sub Registrar Office for Yerikkarai Street?

The Sub Registrar Office for Yerikkarai Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Medavakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.