Guideline Value for I.I.T COLONY 2ND MAIN ROAD

I.I.T Colony 2nd Main Road guideline value

The current guideline value of I.I.T Colony 2nd 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 is Commercial Class I Type - II.

How the guideline value of I.I.T Colony 2nd Main Road has changed

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

It is important to note that the register has no 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

In Pallikaranai, there are 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 2nd Main Road above this median.

• I.I.T. Colony 1st Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• I.I.T Colony 1st Main Road: 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: 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 2nd 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 would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers I.I.T Colony 2nd Main Road?

The I.I.T Colony 2nd 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 details.

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

The guideline value plays a crucial role during the registration of property in Pallikaranai. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than the negotiated sale price.

When buying or selling property, it is essential to be aware of the guideline value, as it can significantly impact the overall cost of the transaction. Buyers should ensure that they are prepared for these costs when planning their property transactions.

Frequently asked questions

What is the current guideline value of I.I.T Colony 2nd Main Road?

The current guideline value of I.I.T Colony 2nd 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 2023 to Rs 3,300 per sq.ft in 2024, marking a 10% increase. It was Rs 2,010 per sq.ft in 2017, which was a decrease from Rs 3,000 per sq.ft in 2012.

What is the land classification for I.I.T Colony 2nd Main Road?

The land classification for I.I.T Colony 2nd Main Road is Commercial Class I Type - II.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers I.I.T Colony 2nd Main Road, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in I.I.T Colony 2nd Main Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.