Guideline Value for I.I.T. COLONY 8TH STREET

I.I.T. Colony 8th Street guideline value

The current guideline value of I.I.T. Colony 8th 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 8th Street has changed

The guideline value for I.I.T. Colony 8th Street has seen several revisions over the years. In 2002, the guideline value was Rs 321 per sq.ft. This increased to Rs 377 per sq.ft in 2003, marking a change of +17%. By 2007, the value rose significantly to Rs 1,273 per sq.ft, reflecting a change of +238%. In 2012, the value adjusted to Rs 3,000 per sq.ft, which was a decrease of -33% from the previous revision. The value then increased to Rs 2,010 per sq.ft in 2017, a rise of +49% from 2012. The most recent revisions show an increase to Rs 3,000 per sq.ft in 2023, followed by the current value of Rs 3,300 per sq.ft in 2024, representing a change of +10%.

It is important to note that the register has no figure for I.I.T. Colony 6th Street, 5th Street, or any other year not listed in the revisions above.

Guideline values in Pallikaranai

In Pallikaranai, there are 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 is Rs 1,650 per sq.ft, placing I.I.T. Colony 8th Street's current guideline value above this median.

• I.I.T. Colony 7th Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony Extn.: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 6th Street: Rs 3,300 per sq.ft (2024)
• Iit Colony Perumal Nagar: Rs 2,750 per sq.ft (2024)
• I.I.T Colony 5th Street Extension: 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 8th 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, totaling 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 more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers I.I.T. Colony 8th Street?

The I.I.T. Colony 8th 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 crucial factor when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value of the property for registration purposes. This value is used to calculate the stamp duty and registration fees that need to be paid at the time of property registration.

When a property transaction occurs, the guideline value ensures that the sale is recorded accurately in the official registry. Buyers and sellers must be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of I.I.T. Colony 8th Street?

The current guideline value of I.I.T. Colony 8th 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 multiple times, starting from Rs 321 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of +928% from 2002 to 2024.

What is the stamp duty for property in I.I.T. Colony 8th Street?

The stamp duty for property in I.I.T. Colony 8th Street is 7% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the stamp duty would be Rs 2,31,000.

Which Sub Registrar Office covers I.I.T. Colony 8th Street?

The Chennai South Joint I Sub Registrar Office covers I.I.T. Colony 8th Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

What is the land classification for I.I.T. Colony 8th Street?

The land classification for I.I.T. Colony 8th Street is Commercial Class I Type - II, indicating its designation for commercial use.