Guideline Value for ICF Colony

ICF Colony guideline value

The current guideline value for ICF Colony in Ambattur village, under the Ambattur SRO, is Rs 3,600 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of ICF Colony has changed

The guideline value for ICF Colony has undergone several revisions over the years. The 2012 revision set the value at Rs 3,300 per sq.ft, which then decreased to Rs 2,211 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 3,300 per sq.ft, and the latest 2024 revision has raised it further to Rs 3,600 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

In terms of percentage changes, the guideline value increased by 9% from 2023 to 2024. Between 2017 and 2023, there was a significant increase of 49%. However, the value dropped by 33% from 2012 to 2017. Overall, from 2012 to 2024, the guideline value has seen a net increase of 9%.

Guideline values in Ambattur

In Ambattur, there are 448 streets under the Ambattur SRO, with the 2024 guideline values ranging from Rs 1,400 to Rs 8,209 per sq.ft. The median value for these streets is Rs 3,600 per sq.ft, which aligns with the current guideline value for ICF Colony.

• Ibrahim Street: Rs 2,500 per sq.ft (2024)
• Hospital Road: Rs 2,500 per sq.ft (2024)
• Indian Bank Colony 1st Avenue: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 1st Cross Street: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 1st Main Road: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 1st Street: Rs 4,000 per sq.ft (2024)

Stamp duty and registration fee for property in ICF Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,600 per sq.ft, the total guideline value would be Rs 36,00,000. The stamp duty at 7% would amount to Rs 2,52,000, and the registration fee at 2% would be Rs 72,000, bringing the total cost for these fees to Rs 3,24,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers ICF Colony?

The ICF Colony is covered by the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Ambattur. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value for ICF Colony?

The current guideline value for ICF Colony is Rs 3,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,300 per sq.ft in 2023 to Rs 3,600 per sq.ft in 2024, marking a 9% increase. The value was Rs 2,211 per sq.ft in 2017 and Rs 3,300 per sq.ft in 2012.

What is the land classification for ICF Colony?

The land classification for ICF Colony is Residential Class I Type - I.

Where can I find the Ambattur Sub Registrar Office?

The Ambattur Sub Registrar Office is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is stamp duty calculated in ICF Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 36,00,000, the stamp duty at 7% would be Rs 2,52,000.