Guideline Value for IIT NAGAR

Iit Nagar guideline value

The current guideline value of Iit Nagar, located in Velichai village under the Thiruporur SRO, is Rs 1,300 per sq.ft as per the 2023 revision. The land classification for this area is Residential Special Type - II.

How the guideline value of Iit Nagar has changed

The guideline value for Iit Nagar has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 1,300 per sq.ft. This remained unchanged until the 2017 revision, where it dropped to Rs 871 per sq.ft, marking a decrease of 33%. However, in the 2023 revision, the guideline value rose significantly to Rs 1,300 per sq.ft, reflecting an increase of 49% from the 2017 figure.

Overall, from the 2012 revision to the 2023 revision, the guideline value has remained the same at Rs 1,300 per sq.ft. It is important to note that there are no figures available for the revisions in 2002, 2003, 2007, and 2024 for this street.

Guideline values in Velichai

Currently, there are no specific village figures provided for Velichai. Iit Nagar is one of the streets in this area, and there are no other streets in Velichai listed under the Thiruporur SRO.

Stamp duty and registration fee for property in Iit Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty, charged at 7%, would be Rs 91,000, and the registration fee at 2% would be Rs 26,000. Together, the total cost for stamp duty and registration fee would be Rs 1,17,000. It is essential to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Iit Nagar?

The Sub Registrar Office that covers Iit Nagar is the Thiruporur Sub Registrar Office, located at No.29, South Mada Street, Thiruporur-603110, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Velichai. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the transaction is recorded at a value recognized by the government.

When a property is sold, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all transactions are conducted transparently and in accordance with the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Iit Nagar?

The current guideline value of Iit Nagar is Rs 1,300 per sq.ft as per the 2023 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,300 per sq.ft in 2012 to Rs 871 per sq.ft in 2017, before rising back to Rs 1,300 per sq.ft in 2023. Overall, the value remained the same from 2012 to 2023.

What is the stamp duty rate for property in Iit Nagar?

The stamp duty rate for property in Iit Nagar is 7% of the guideline value or the sale price, whichever is higher.

Where is the Thiruporur Sub Registrar Office located?

The Thiruporur Sub Registrar Office is located at No.29, South Mada Street, Thiruporur-603110, Chengalpattu registration zone.

Are there any other streets in Velichai with guideline values?

Currently, there are no other streets in Velichai listed under the Thiruporur SRO, and no specific village figures are provided.