Guideline Value for Yerikkarai Street (Lake View Road)

Yerikkarai Street (Lake View Road) guideline value

The current guideline value of Yerikkarai Street (Lake View Road) is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Nesapakkam village and falls under the Virugambakkam SRO. The land classification for this area is Mixed Special Type - I.

How the guideline value of Yerikkarai Street (Lake View Road) has changed

The guideline value for Yerikkarai Street has seen significant changes over the years. In the 2007 revision, the guideline value was Rs 1,100 per sq.ft. This figure increased dramatically to Rs 4,000 per sq.ft in the 2012 revision, marking a rise of 264%. However, in the 2017 revision, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%. The value then rose again to Rs 4,000 per sq.ft in 2023, representing a 49% increase. The most recent revision in 2024 saw the guideline value increase to Rs 4,400 per sq.ft, a 10% rise from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 300%.

Guideline values in Nesapakkam

In Nesapakkam, there are 148 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,150 per sq.ft. The median guideline value for the village is Rs 3,300 per sq.ft, placing Yerikkarai Street's 2024 figure above this median. Below are the guideline values for other streets in Nesapakkam:

• Thulasi Ammal Street: Rs 2,750 per sq.ft (2024)
• Thiruvalluvar Street: Rs 4,950 per sq.ft (2024)
• Thiruvalluvar Road: Rs 4,950 per sq.ft (2024)
• Thiruvalluvar 3rd Street lane: Rs 4,950 per sq.ft (2024)
• Thiruvalluvar 3rd Street: Rs 4,950 per sq.ft (2024)
• Thiruvalluvar 2nd Street: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Yerikkarai Street (Lake View Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value is Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Yerikkarai Street (Lake View Road)?

Yerikkarai Street (Lake View Road) falls under the jurisdiction of 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 Nesapakkam

The guideline value is a crucial factor during property registration in Nesapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate the applicable stamp duty and registration fees.

When a property is sold, the guideline value helps in assessing the transaction's legitimacy. It ensures that the sale price is in line with the market standards set by the government, thereby preventing undervaluation or overvaluation of properties.

Frequently asked questions

What is the current guideline value of Yerikkarai Street?

The current guideline value of Yerikkarai Street (Lake View Road) is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,100 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 300%.

What is the median guideline value in Nesapakkam?

The median guideline value in Nesapakkam is Rs 3,300 per sq.ft, with Yerikkarai Street's 2024 figure being above this median.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 44,00,000, leading to a stamp duty of Rs 3,08,000 and a registration fee of Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for Yerikkarai Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, handles registrations for Yerikkarai Street (Lake View Road).