Guideline Value for IMAYAM COLONY

Imayam Colony guideline value

The current guideline value of Imayam Colony, located in Padi village under the Villivakkam SRO, is Rs 8,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of Imayam Colony has changed

Since the 2002 revision, the guideline value for Imayam Colony has seen significant changes. In 2002, the guideline value was Rs 1,022 per sq.ft. This value increased to Rs 1,150 per sq.ft in 2003, marking a 13% rise. The value continued to grow, reaching Rs 1,650 per sq.ft in 2007, which was a 43% increase. The 2012 revision saw a substantial jump to Rs 7,500 per sq.ft, representing a 355% increase. However, in 2017, the value dropped to Rs 5,025 per sq.ft, reflecting a decrease of 33%. The value then rose again to Rs 7,500 per sq.ft in 2023, and most recently, it increased to Rs 8,200 per sq.ft in 2024, a change of 9%.

Overall, from 2002 to 2024, the guideline value has increased by 702%. There are no figures available for the revisions in years other than those listed.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value for Imayam Colony is above this median.

• IMAYAM COLONY 1st STREET: Rs 7,100 per sq.ft (2024)
• IMAYAM COLONY 2nd STREET: Rs 7,100 per sq.ft (2024)
• IMAYAM COLONY 3rd STREET: Rs 7,100 per sq.ft (2024)
• I.C.C.Plots: Rs 8,200 per sq.ft (2024)
• Indian Flats: Rs 9,900 per sq.ft (2024)
• Indian Railway Welfare Association Nagar (Rail Nagar): Rs 5,400 per sq.ft (2024)

Stamp duty and registration fee for property in Imayam Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value would be Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, bringing the total to Rs 7,38,000. 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 Imayam Colony?

The Sub Registrar Office that covers Imayam Colony is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Padi. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware that the duty is charged based on the higher of the guideline value or the sale price, ensuring that the appropriate fees are collected.

Understanding the guideline value is essential for anyone looking to buy or sell property in Padi. It plays a significant role in the financial aspects of property transactions, affecting the overall cost involved in the registration process.

Frequently asked questions

What is the current guideline value of Imayam Colony?

The current guideline value of Imayam Colony is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,022 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, marking an overall increase of 702%.

What are the guideline values for other streets in Padi?

Other streets in Padi have varying guideline values, with rates ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft.

What are the stamp duty and registration fees for a property in Imayam Colony?

For a property valued at Rs 82,00,000, the stamp duty would be Rs 5,74,000 and the registration fee would be Rs 1,64,000, totaling Rs 7,38,000.

Which office handles registrations for Imayam Colony?

The Villivakkam Sub Registrar Office handles registrations for Imayam Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.