Guideline Value for I.I.T COLONY 3RD MAIN ROAD CROSS STREET

I.I.T Colony 3rd Main Road Cross Street guideline value

The current guideline value of I.I.T Colony 3rd Main Road Cross Street 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 3rd Main Road Cross Street has changed

Looking at the historical revisions, the guideline value for I.I.T Colony 3rd Main Road Cross Street was Rs 3,000 per sq.ft in 2012. It then decreased to Rs 2,010 per sq.ft in 2017. However, from 2017 to the current 2024 revision, the value has increased significantly by 64% to Rs 3,300 per sq.ft.

Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%. It is important to note that there are no figures available for the revisions in 2023, 2007, 2003, and 2002 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, positioning I.I.T Colony 3rd Main Road Cross Street above that median.

• I.I.T. Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 3rd 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 3rd Street Extension: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 1st Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 4th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in I.I.T Colony 3rd Main Road Cross Street

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 at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers I.I.T Colony 3rd Main Road Cross Street?

The I.I.T Colony 3rd Main Road Cross Street 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 the registration process when buying or selling property in Pallikaranai. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in the official records.

When a buyer purchases property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of I.I.T Colony 3rd Main Road Cross Street?

The current guideline value of I.I.T Colony 3rd Main Road Cross Street 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, and then increased to Rs 3,300 per sq.ft in 2024.

What is the land classification for this street?

The land classification for I.I.T Colony 3rd Main Road Cross Street is Commercial Class I Type - II.

Where can I find the registration office for this area?

The registration office for I.I.T Colony 3rd Main Road Cross Street 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 the stamp duty calculated for properties in Pallikaranai?

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