Guideline Value for I.I.T COLONY 3RD STREET EXTENSION

I.I.T Colony 3rd Street Extension guideline value

The current guideline value of I.I.T Colony 3rd Street Extension is Rs 3,300 per sq.ft, effective from 1 July 2024. This property 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 Street Extension has changed

The guideline value for I.I.T Colony 3rd Street Extension has undergone several revisions over the years. The earliest recorded revision was in 2012, with a guideline value of Rs 3,000 per sq.ft. This was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. However, the most recent revision in 2024 saw a significant increase, bringing the guideline value back up to Rs 3,300 per sq.ft.

From the 2017 revision to the 2024 revision, there was an increase of 64%. Comparing the 2012 revision to the 2017 revision, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Pallikaranai

In Pallikaranai, there are 749 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,110 to Rs 8,580 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for I.I.T Colony 3rd Street Extension is above this median, reflecting its commercial classification.

• I.I.T. Colony 3rd Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 4th 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 5th 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 5th Street Extension: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in I.I.T Colony 3rd Street Extension

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. Together, the total cost for stamp duty and registration fees would be Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers I.I.T Colony 3rd Street Extension?

The I.I.T Colony 3rd Street Extension falls under 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 is an essential factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded accurately, reflecting the value of the property in the official records. This helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value for I.I.T Colony 3rd Street Extension?

The current guideline value for I.I.T Colony 3rd Street Extension is Rs 3,300 per sq.ft, effective from 1 July 2024.

What was the guideline value in 2017?

In 2017, the guideline value for I.I.T Colony 3rd Street Extension was Rs 2,010 per sq.ft.

How much has the guideline value changed since 2012?

Since 2012, the guideline value has changed from Rs 3,000 per sq.ft to Rs 3,300 per sq.ft in 2024, representing an overall increase of 10%.

Which Sub Registrar Office covers this area?

The I.I.T Colony 3rd Street Extension 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.

What is the range of guideline values for streets in Pallikaranai?

The guideline values for streets in Pallikaranai range from Rs 1,110 to Rs 8,580 per sq.ft, with a median value of Rs 1,650 per sq.ft.