Guideline Value for Fortune Forms

Fortune Forms guideline value

The current guideline value of Fortune Forms is Rs 250 per sq.ft, effective from 1 July 2024. This property is located in Ilupoor village under the Sriperumpudur SRO and is classified as a New House Site Type -II (Unapproved Lay-Out).

How the guideline value of Fortune Forms has changed

The guideline value for Fortune Forms has undergone several revisions over the years. The earliest available figure is from 2012, where it was set at Rs 250 per sq.ft. In 2017, the value decreased to Rs 167 per sq.ft, marking a decline of 33%. However, from 2017 to 2023, the guideline value increased by 50% to reach Rs 250 per sq.ft again. The 2023 revision maintained this figure, with no change to the value in 2024.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Therefore, the current guideline value remains consistent with the previous revisions from 2012 and 2023.

Guideline values in Ilupoor

In Ilupoor, three streets carry a 2024 guideline value, ranging from Rs 110 to Rs 300 per sq.ft. The median guideline value for these streets is Rs 250 per sq.ft, which is equal to the current figure for Fortune Forms.

• Lakshmi Nagar: Rs 110 per sq.ft (2024)
• Water Front Land: Rs 300 per sq.ft (2024)

Stamp duty and registration fee for property in Fortune Forms

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value would be Rs 2,50,000. The stamp duty, charged at 7%, would amount to Rs 17,500, while the registration fee at 2% would be Rs 5,000. Together, the total fees would be Rs 22,500. It is essential 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 detailed calculations.

Which Sub Registrar Office covers Fortune Forms?

The Sub Registrar Office covering Fortune Forms is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Ilupoor. It is used as a reference point for calculating the stamp duty and registration fees when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations.

During the registration process, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Fortune Forms?

The current guideline value of Fortune Forms is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 250 per sq.ft in 2023 and 2024. It decreased from Rs 250 in 2012 to Rs 167 in 2017, then increased by 50% to return to Rs 250 in 2023.

What are the other streets in Ilupoor and their guideline values?

Other streets in Ilupoor include Lakshmi Nagar, which has a guideline value of Rs 110 per sq.ft, and Water Front Land, which is valued at Rs 300 per sq.ft for 2024.

What fees are associated with buying property in Fortune Forms?

When buying property in Fortune Forms, the stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, these fees would total Rs 22,500.

Where can I find the Sub Registrar Office for Fortune Forms?

The Sub Registrar Office for Fortune Forms is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find more details using the provided link.