Guideline Value for I.I.T. COLONY 7TH STREET

I.I.T. Colony 7th Street guideline value

The current guideline value of I.I.T. Colony 7th 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 7th Street has changed

The guideline value for I.I.T. Colony 7th Street has seen 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 change of +17%. The value then rose significantly to Rs 1,273 per sq.ft in 2007, reflecting a change of +238%. Following this, the guideline value decreased to Rs 3,000 per sq.ft in 2012, a drop of -33%. The value then increased to Rs 2,010 per sq.ft in 2017, with a change of +49%. In 2023, the guideline value was Rs 3,000 per sq.ft, and it has now increased to Rs 3,300 per sq.ft in 2024, a change of +10%.

There are no figures available for the revisions in the years not listed. Overall, from 2002 to 2024, the guideline value has increased by +928%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing I.I.T. Colony 7th Street's 2024 figure above that median.

• I.I.T. Colony 6th 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 5th Street Extension: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony Extn.: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 5th Street: Rs 3,300 per sq.ft (2024)
• Iit Colony Perumal Nagar: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in I.I.T. Colony 7th 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.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers I.I.T. Colony 7th Street?

The I.I.T. Colony 7th 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. 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 during the registration of property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is sold, the guideline value serves as a reference point to ensure that the transaction is recorded accurately. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of I.I.T. Colony 7th Street?

The current guideline value of I.I.T. Colony 7th 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 several times, starting from Rs 321 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, representing an overall increase of +928%.

What is the land classification for I.I.T. Colony 7th Street?

The land classification for I.I.T. Colony 7th Street is Commercial Class I Type - II.

What are the stamp duty and registration fees for property in I.I.T. Colony 7th Street?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers I.I.T. Colony 7th Street?

The Chennai South Joint I Sub Registrar Office covers I.I.T. Colony 7th Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.