Guideline Value for I.I.T COLONY

I.I.T Colony guideline value

The current guideline value of I.I.T Colony, located in Pallikaranai village under the Chennai South Joint I SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - II.

How the guideline value of I.I.T Colony has changed

The guideline value for I.I.T Colony has seen several revisions over the years. The 2012 revision recorded a value of Rs 3,000 per sq.ft, which decreased to Rs 2,010 per sq.ft in 2017. However, this value increased significantly to Rs 3,000 per sq.ft in the 2023 revision, and further rose to Rs 3,300 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The overall change from the 2012 revision to the 2024 revision is an increase of 10%.

Notably, there are no recorded figures for the years 2002, 2003, and 2007 for this street. The 2023 to 2024 revision reflects a 10% increase, while the change from 2017 to 2023 shows a substantial increase of 49%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 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, indicating that I.I.T Colony's 2024 figure of Rs 3,300 per sq.ft is above this median.

• I.I.T Colony 1st Main Road: 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

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. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers I.I.T Colony?

The I.I.T Colony 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 serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction.

Frequently asked questions

What is the current guideline value of I.I.T Colony?

The current guideline value of I.I.T Colony 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 back 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 of I.I.T Colony?

I.I.T Colony is classified as Commercial Class I Type - II.

Where can I find the Sub Registrar Office for I.I.T Colony?

The Sub Registrar Office covering I.I.T Colony is 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 property in I.I.T Colony?

The stamp duty is calculated at 7% of 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.