Guideline Value for I.I.T. COLONY EXTN.

I.I.T. Colony Extn. guideline value

The current guideline value of I.I.T. Colony Extn. is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - II.

How the guideline value of I.I.T. Colony Extn. has changed

The guideline value of I.I.T. Colony Extn. has seen significant changes over the years. In 2002, the guideline value was Rs 122 per sq.ft. This increased to Rs 144 per sq.ft in 2003, marking an 18% rise. Following that, the value surged to Rs 1,273 per sq.ft in 2007, reflecting a remarkable increase of 784%. The value continued to rise, reaching Rs 3,000 per sq.ft in 2012, which was a 136% increase from the previous revision. However, it then dropped to Rs 2,010 per sq.ft in 2017, a decrease of 33%. The value rebounded to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,300 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2605%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Pallikaranai

In Pallikaranai, 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 Extn. is above this median.

• I.I.T. Colony 8th Street: Rs 3,300 per sq.ft (2024)
• Iit Colony Perumal Nagar: Rs 2,750 per sq.ft (2024)
• I.I.T. Colony 7th Street: Rs 3,300 per sq.ft (2024)
• I.I.T. Colony 6th 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 5th Street: Rs 3,300 per sq.ft (2024)

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

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 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers I.I.T. Colony Extn.?

The I.I.T. Colony Extn. 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 additional details.

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

The guideline value is a crucial factor in property transactions in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that must be paid at the time of registration. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the applicable duties and fees, which are based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of I.I.T. Colony Extn.?

The current guideline value of I.I.T. Colony Extn. 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 from Rs 122 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 2605% over the years.

What is the land classification for I.I.T. Colony Extn.?

The land classification for I.I.T. Colony Extn. is Commercial Class I Type - II.

Which office handles registrations for I.I.T. Colony Extn.?

The Chennai South Joint I Sub Registrar Office handles registrations for I.I.T. Colony Extn.

How is stamp duty calculated for properties in I.I.T. Colony Extn.?

Stamp duty is calculated based on the higher of the guideline value or the sale price, along with a registration fee. For example, a 1,000 sq.ft plot at the current guideline value incurs a total of Rs 2,97,000 in duties and fees.