Guideline Value for I.I.T. COLONY 1ST STREET

I.I.T. Colony 1st Street guideline value

The current guideline value of I.I.T. Colony 1st 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 1st Street has changed

The guideline value for I.I.T. Colony 1st Street has seen several revisions over the years. Starting from Rs 321 per sq.ft in 2002, it increased to Rs 377 per sq.ft in 2003, marking a change of +17%. The value rose significantly to Rs 1,273 per sq.ft in 2007, reflecting an increase of +238%. In 2012, the guideline value reached Rs 3,000 per sq.ft, a substantial rise of +136% from the previous revision.

As of the 2024 revision, the guideline value stands at Rs 3,300 per sq.ft, which is a +10% increase from the 2012 figure. It is important to note that there are no figures available for the revisions in 2017 and 2023 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 in this area is Rs 1,650 per sq.ft, making the 2024 figure for I.I.T. Colony 1st Street above that median.

• I.I.T Colony 1st Main Road: 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: 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 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. 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 1st Street?

The I.I.T. Colony 1st 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 details.

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

The guideline value is a crucial factor in property transactions as it determines the minimum value at which a property can be registered. When buying or selling property in Pallikaranai, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

It is essential for buyers and sellers to be aware of the guideline value to avoid any potential legal issues during the registration process. The guideline value serves as a benchmark for property transactions, ensuring transparency and fairness in the market.

Frequently asked questions

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

The current guideline value of I.I.T. Colony 1st 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 increased from Rs 321 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of +928% over the years.

What is the land classification of I.I.T. Colony 1st Street?

I.I.T. Colony 1st Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000, and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles the registration for I.I.T. Colony 1st Street?

The registration for I.I.T. Colony 1st Street is handled 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.