Guideline Value for I.C.C.PLOTS

I.C.C.Plots guideline value

The current guideline value for I.C.C.Plots in Padi village, under the Villivakkam SRO, is Rs 8,200 per sq.ft, effective from 1 July 2024. This plot falls under the Residential Class I Type - III land classification.

How the guideline value of I.C.C.Plots has changed

The guideline value for I.C.C.Plots has seen several revisions over the years. In 2002, the guideline value was Rs 1,250 per sq.ft, which increased to Rs 1,405 per sq.ft in 2003, marking a change of +12%. The value rose to Rs 1,800 per sq.ft in 2007, reflecting an increase of +28%. A significant jump occurred in 2012 when the value reached Rs 7,500 per sq.ft, resulting in a +317% change. However, this value decreased to Rs 5,025 per sq.ft in 2017, a reduction of -33%. The guideline value then increased to Rs 7,500 per sq.ft in 2023, followed by the latest revision to Rs 8,200 per sq.ft in 2024, which is a +9% change.

Overall, from 2002 to 2024, the guideline value has increased by +556%. The register has no figure for the years between 2012 and 2017 for this street.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with the 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing the I.C.C.Plots guideline value above this median.

• Imayam Colony: Rs 8,200 per sq.ft (2024)
• IMAYAM COLONY 1st STREET: Rs 7,100 per sq.ft (2024)
• IMAYAM COLONY 2nd STREET: Rs 7,100 per sq.ft (2024)
• IMAYAM COLONY 3rd STREET: Rs 7,100 per sq.ft (2024)
• Indian Flats: Rs 9,900 per sq.ft (2024)
• Indian Railway Welfare Association Nagar (Rail Nagar): Rs 5,400 per sq.ft (2024)

Stamp duty and registration fee for property in I.C.C.Plots

For a 1,000 sq.ft plot at the current rate of Rs 8,200 per sq.ft, the guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, while the registration fee at 2% would be Rs 1,64,000. Together, the total cost for these fees would be Rs 7,38,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers I.C.C.Plots?

The I.C.C.Plots are covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process when buying or selling property in Padi. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must be aware of this value to ensure compliance with local regulations.

When engaging in a property transaction, it is essential to verify the current guideline value to avoid any discrepancies during registration. This value is used to calculate the fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value for I.C.C.Plots?

The current guideline value for I.C.C.Plots is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,250 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of +556% over the years.

What is the land classification for I.C.C.Plots?

I.C.C.Plots fall under the Residential Class I Type - III land classification.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in I.C.C.Plots?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 82,00,000, the stamp duty at 7% would be Rs 5,74,000.