Guideline Value for I.I.T. COLONY 5TH STREET

I.I.T. Colony 5th Street guideline value

The current guideline value of I.I.T. Colony 5th 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 5th Street has changed

The guideline value for I.I.T. Colony 5th 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 value remained at Rs 3,000 per sq.ft from 2012 until 2023, indicating no change during this period. The 2024 revision saw the guideline value rise to Rs 3,300 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 928%. It is important to note that the register has no figure for this street for the year 2017.

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, and the guideline value for I.I.T. Colony 5th Street is above this median.

• I.I.T. Colony 4th 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 Street Extension: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 6th 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 7th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in I.I.T. Colony 5th 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 fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and 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 5th Street?

The I.I.T. Colony 5th 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 is a critical factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction reflects a fair value as per the government standards.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the revenue collected from property transactions is aligned with the established guideline values in the area.

Frequently asked questions

What is the current guideline value of I.I.T. Colony 5th Street?

The current guideline value of I.I.T. Colony 5th 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, marking an overall increase of 928% over the years.

What is the land classification for I.I.T. Colony 5th Street?

The land classification for I.I.T. Colony 5th Street is Commercial Class I Type - II.

Which Sub Registrar Office handles registrations for I.I.T. Colony 5th Street?

The Chennai South Joint I Sub Registrar Office handles registrations for I.I.T. Colony 5th Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in I.I.T. Colony 5th Street?

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