Guideline Value for I.I.T. COLONY 2ND STREET

I.I.T. Colony 2nd Street guideline value

The current guideline value of I.I.T. Colony 2nd 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 2nd Street has changed

Over the years, the guideline value of I.I.T. Colony 2nd Street has seen several revisions. The earliest recorded value in 2002 was Rs 321 per sq.ft, which increased to Rs 377 per sq.ft in 2003, marking a change of +17%. The value then rose significantly to Rs 1,273 per sq.ft in 2007, reflecting an increase of +238%. In 2012, the value was revised to Rs 3,000 per sq.ft, which was a notable increase of +136% from the previous revision. However, this value decreased by -33% to Rs 2,010 per sq.ft in 2017.

The most recent revision in 2024 has set the guideline value at Rs 3,300 per sq.ft, which is an increase of +64% from the 2017 figure. Overall, from 2002 to 2024, the guideline value has increased by +928%. It is important to note that there is no figure available for the year 2023 in the register for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that carry a guideline value for 2024, 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, placing I.I.T. Colony 2nd Street's 2024 figure above this median.

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

Stamp duty and registration fee for property in I.I.T. Colony 2nd Street

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, and the registration fee at 2% would be Rs 66,000, totaling 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 Street?

The I.I.T. Colony 2nd 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 within Pallikaranai. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When a property is sold, 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 the appropriate revenue from property transactions in the area.

Frequently asked questions

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

The current guideline value of I.I.T. Colony 2nd 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 significantly, increasing from Rs 321 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, which is an overall increase of +928%.

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

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

Where can I find the Sub Registrar Office for I.I.T. Colony 2nd Street?

The Sub Registrar Office covering I.I.T. Colony 2nd Street 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 properties in Pallikaranai?

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