Guideline Value for Govt I.T. I Colony

Govt I.T. I Colony guideline value

The current guideline value of Govt I.T. I Colony in Mannurpet village under the Konnur SRO is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Govt I.T. I Colony has changed

The guideline value for Govt I.T. I Colony has seen several revisions over the years. The earliest available revision is from 2007, where the value was Rs 400 per sq.ft. This increased significantly to Rs 1,000 per sq.ft in 2012, marking a 150% rise. However, in 2017, the value dropped to Rs 670 per sq.ft, a decrease of 33%. The subsequent revision in 2023 brought the value back up to Rs 1,000 per sq.ft, followed by the latest revision in 2024, which set the value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

In summary, from 2007 to 2024, the overall increase in the guideline value is 175%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Mannurpet

Mannurpet village has a total of 38 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,600 per sq.ft, with a median value of Rs 1,300 per sq.ft. The guideline value for Govt I.T. I Colony is below this median.

• Ishravel Nagar: Rs 1,100 per sq.ft (2024)
• Elango Nagar: Rs 1,100 per sq.ft (2024)
• Kamaraj Nagar: Rs 1,100 per sq.ft (2024)
• Kamaraj Nagar II Street: Rs 1,100 per sq.ft (2024)
• Kamaraj Nagar I Street: Rs 1,100 per sq.ft (2024)
• Kamaraj Street: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Govt I.T. I Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Govt I.T. I Colony?

The Govt I.T. I Colony falls under the jurisdiction of the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Mannurpet. It is used to determine the stamp duty and registration fees that buyers and sellers need to pay when transferring ownership of a property.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Govt I.T. I Colony?

The current guideline value of Govt I.T. I Colony is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 400 per sq.ft in 2007 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 175% over the years.

What is the land classification of Govt I.T. I Colony?

Govt I.T. I Colony is classified as Residential Class III Type - I.

Where can I find the Konnur Sub Registrar Office?

The Konnur Sub Registrar Office is located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the stamp duty calculated for properties in Mannurpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 11,00,000 would incur a stamp duty of Rs 77,000 at 7%.