Guideline Value for I.I.T COLONY 1ST MAIN ROAD

I.I.T Colony 1st Main Road guideline value

The current guideline value of I.I.T Colony 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of I.I.T Colony 1st Main Road has changed

The guideline value for I.I.T Colony 1st Main Road has seen several revisions over the years. In 2012, the guideline value was Rs 3,000 per sq.ft. This figure decreased to Rs 2,010 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, a rise of 49%. The latest revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no registered figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing I.I.T Colony 1st Main Road's 2024 guideline value above this median.

• I.I.T Colony: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 1st Street: Rs 3,300 per sq.ft (2024)
• I.I.T Colony 2nd Main Road: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• I.I.T Colony 3rd Main Road Cross Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in I.I.T Colony 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, charged at 7%, would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Therefore, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers I.I.T Colony 1st Main Road?

The I.I.T Colony 1st Main Road is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Pallikaranai. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when buying or selling property. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When engaging in a property transaction, the guideline value is used to determine the minimum price at which the property can be registered. This ensures that the transaction is recorded accurately and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of I.I.T Colony 1st Main Road?

The current guideline value of I.I.T Colony 1st Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2012 to Rs 2,010 per sq.ft in 2017, then to Rs 3,000 per sq.ft in 2023, and finally to Rs 3,300 per sq.ft in 2024.

What is the land classification for I.I.T Colony 1st Main Road?

The land classification for I.I.T Colony 1st Main Road is Commercial Class I Type - II.

What is the registration office for I.I.T Colony 1st Main Road?

The registration office covering I.I.T Colony 1st Main Road is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is stamp duty calculated for properties in I.I.T Colony 1st Main Road?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.