Guideline Value for I.I.T. COLONY 4TH STREET

I.I.T. Colony 4th Street guideline value

The current guideline value of I.I.T. Colony 4th 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 4th Street has changed

The guideline value for I.I.T. Colony 4th Street has seen significant changes over the years. In 2002, the guideline value was Rs 321 per sq.ft, which increased to Rs 377 per sq.ft in 2003, marking a rise of 17%. By 2007, the value surged to Rs 1,273 per sq.ft, reflecting a substantial increase of 238%. The 2012 revision set the value at Rs 3,000 per sq.ft, a remarkable jump of 136% from the previous figure.

The most recent revision in 2024 brought the guideline value to Rs 3,300 per sq.ft, which is a 10% increase from the 2012 figure. The overall change from 2002 to 2024 is an impressive increase of 928%. Notably, there are no figures available for the years 2017 and 2023 for this street.

Guideline values in Pallikaranai

In Pallikaranai village, there are 749 streets under the Chennai South Joint I SRO that have 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 of I.I.T. Colony 4th Street is above this median.

• I.I.T Colony 3rd Street Extension: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 5th 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 5th Street Extension: 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 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in I.I.T. Colony 4th 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, bringing the total cost 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers I.I.T. Colony 4th Street?

The I.I.T. Colony 4th 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 information.

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

The guideline value plays a crucial role during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the state collects appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the fair value of the property. Buyers and sellers must consider this value to avoid any discrepancies during the registration process, as it directly impacts the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of I.I.T. Colony 4th Street?

The current guideline value of I.I.T. Colony 4th 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, which is an overall increase of 928% across the years.

Which Sub Registrar Office covers I.I.T. Colony 4th Street?

The Chennai South Joint I Sub Registrar Office covers I.I.T. Colony 4th Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the stamp duty for property in I.I.T. Colony 4th Street?

The stamp duty for property in I.I.T. Colony 4th Street is 7% of the guideline value or the sale price, whichever is higher.

Are there any other streets in Pallikaranai with the same guideline value?

Yes, several other streets in Pallikaranai have the same guideline value of Rs 3,300 per sq.ft, including I.I.T Colony 3rd Street Extension, I.I.T. Colony 5th Street, and others.