Guideline Value for Yerrikkarai Street

Yerrikkarai Street guideline value

The current guideline value of Yerrikkarai Street in Virugambakkam village is Rs 3,250 per sq.ft, effective from 1 July 2024. This street falls under the Virugambakkam Sub Registrar Office (SRO) and is classified as Residential Class V Type - I.

How the guideline value of Yerrikkarai Street has changed

Over the years, the guideline value of Yerrikkarai Street has seen significant changes. In 2002, the guideline value was Rs 351 per sq.ft. This figure increased to Rs 389 per sq.ft in 2003, marking an 11% rise. The value continued to grow, reaching Rs 750 per sq.ft in 2007, which was a 93% increase from the previous revision. The 2012 revision saw a further increase to Rs 2,000 per sq.ft, reflecting a 167% change. However, from 2012 to 2017, the value decreased to Rs 1,340 per sq.ft, a decline of 33%. The guideline value then rose sharply to Rs 3,000 per sq.ft in 2023, a remarkable 124% increase. The most recent revision in 2024 has set the value at Rs 3,250 per sq.ft, an 8% increase from the previous year.

There are no figures available for the revisions in years other than those listed. The overall change from 2002 to 2024 reflects an increase of 826% in the guideline value.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, positioning Yerrikkarai Street's 2024 value below this median.

• Yathaval Street Extension: Rs 3,300 per sq.ft (2024)
• Yathaval Street 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• Yathaval Street 2nd Cross Street: Rs 3,300 per sq.ft (2024)
• Yathaval Street 1st Cross Street: Rs 3,300 per sq.ft (2024)
• Yathaval Street: Rs 2,750 per sq.ft (2024)
• West Vanniyar Street 2nd Cross Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Yerrikkarai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,250 per sq.ft, the total guideline value would be Rs 32,50,000. The stamp duty, charged at 7%, would amount to Rs 2,27,500, while the registration fee at 2% would be Rs 65,000. Together, the total cost for these fees would be Rs 2,92,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Yerrikkarai Street?

The Yerrikkarai Street falls under the jurisdiction of the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees. These fees are based on the higher of the guideline value or the sale price, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Yerrikkarai Street?

The current guideline value of Yerrikkarai Street is Rs 3,250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with an increase from Rs 351 per sq.ft in 2002 to Rs 3,250 per sq.ft in 2024, reflecting an overall increase of 826%.

What is the land classification of Yerrikkarai Street?

Yerrikkarai Street is classified as Residential Class V Type - I.

Where can I find the Virugambakkam Sub Registrar Office?

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

How is the stamp duty calculated for properties in Yerrikkarai Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 32,50,000, the stamp duty at 7% would be Rs 2,27,500.