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

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

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

The guideline value for I.I.T. Colony 3rd Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 321 per sq.ft. This increased to Rs 377 per sq.ft in 2003, marking a change of +17%. The 2007 revision saw a significant jump to Rs 1,273 per sq.ft, which is an increase of +238%. The value remained at Rs 3,000 per sq.ft during both the 2012 and 2023 revisions, indicating no change during that period. The most recent revision in 2024 raised the guideline value to Rs 3,300 per sq.ft, reflecting a +10% increase from the previous year.

It is important to note that the register has no figure for I.I.T. Colony 3rd Street for the 2017 revision. Overall, from 2002 to 2024, the guideline value has increased by +928%, demonstrating a substantial rise over the years.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values for 2024 ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value among these streets is Rs 1,650 per sq.ft, placing I.I.T. Colony 3rd Street's 2024 figure above this median.

• I.I.T Colony 3rd Main Road Cross Street: 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 2nd 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 2nd Main Road: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 5th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in I.I.T. Colony 3rd 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, while 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 the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

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

The I.I.T. Colony 3rd Street 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. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Pallikaranai. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the fees are calculated based on an official valuation rather than the sale price alone.

During the registration process, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This system helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

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

The current guideline value of I.I.T. Colony 3rd 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, representing an overall increase of +928% over the years.

What are the stamp duty rates for properties in I.I.T. Colony 3rd Street?

The stamp duty rate for properties in I.I.T. Colony 3rd Street is 7%, which is calculated on the higher of the guideline value or the sale price.

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

The I.I.T. Colony 3rd 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.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that these fees are calculated based on an official valuation, maintaining transparency in the process.