Guideline Value for I.I.T. COLONY 6TH STREET

I.I.T. Colony 6th Street guideline value

The current guideline value of I.I.T. Colony 6th 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 6th Street has changed

The guideline value for I.I.T. Colony 6th Street has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 321 per sq.ft. This increased to Rs 377 per sq.ft in 2003, marking a rise of 17%. By 2007, the value surged significantly to Rs 1,273 per sq.ft, reflecting an increase of 238%. In 2012, the value remained at Rs 3,000 per sq.ft, showing no change from the previous revision. The next revision in 2023 also held the value steady at Rs 3,000 per sq.ft.

The most recent revision in 2024 saw the guideline value rise to Rs 3,300 per sq.ft, which is a 10% increase from the 2023 figure. Overall, from 2002 to 2024, the guideline value has increased by 928% for I.I.T. Colony 6th Street.

Guideline values in Pallikaranai

In Pallikaranai, there are a total of 749 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing I.I.T. Colony 6th Street's 2024 figure above this median.

• I.I.T Colony 5th Street Extension: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 7th Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 5th Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 8th 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 Extn.: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in I.I.T. Colony 6th 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, charged 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 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 more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers I.I.T. Colony 6th Street?

The I.I.T. Colony 6th 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 reference point during property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value serves as a benchmark to ensure that the transaction is recorded at a fair value.

When a buyer or seller approaches the registration office, the guideline value helps to ascertain the official value of the property, which is essential for legal and financial documentation. It ensures transparency in property transactions and helps in the proper collection of taxes.

Frequently asked questions

What is the current guideline value of I.I.T. Colony 6th Street?

The current guideline value of I.I.T. Colony 6th 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 from Rs 321 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 928% over this period.

What is the land classification of I.I.T. Colony 6th Street?

The land classification for I.I.T. Colony 6th Street is Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for I.I.T. Colony 6th Street?

The Sub Registrar Office covering I.I.T. Colony 6th 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 I.I.T. Colony 6th Street?

Stamp duty for properties in I.I.T. Colony 6th Street is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 2,31,000 at the current guideline value.