Guideline Value for INDIAN BANK EMPLOYEE QUARTERS

Indian Bank Employee Quarters guideline value

The current guideline value of the Indian Bank Employee Quarters in Thiruvanmiyur village is Rs 9,900 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Indian Bank Employee Quarters has changed

The guideline value has undergone several revisions over the years. The 2012 revision set the value at Rs 9,000 per sq.ft, which then decreased to Rs 6,030 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 9,000 per sq.ft, and the most recent revision in 2024 raised it further to Rs 9,900 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

In terms of percentage changes, from 2012 to 2017, there was a decrease of 33%. However, the value increased by 49% from 2017 to 2023, and a further increase of 10% was observed from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value is Rs 9,900 per sq.ft, which is the same as the guideline value for the Indian Bank Employee Quarters.

• Indian Medical Co-Operative Employee Qut: Rs 9,900 per sq.ft (2024)
• Ilango Nagar Main Road: Rs 7,150 per sq.ft (2024)
• Ilango Nagar: Rs 7,150 per sq.ft (2024)
• Housing Board Colony: Rs 7,150 per sq.ft (2024)
• Indra Nagar 10th Lane: Rs 4,950 per sq.ft (2024)
• Indra Nagar 11th Lane: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Indian Bank Employee Quarters

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, while the registration fee at 2% would be Rs 1,98,000, bringing the total fees to Rs 8,91,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Indian Bank Employee Quarters?

The Indian Bank Employee Quarters falls under 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 Thiruvanmiyur

The guideline value is a critical factor in the registration process when buying or selling property in Thiruvanmiyur. It serves as the basis for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to determine the minimum amount on which stamp duty must be paid. This means that if the sale price is lower than the guideline value, the duty will be charged based on the guideline value instead.

Frequently asked questions

What is the current guideline value for Indian Bank Employee Quarters?

The current guideline value for the Indian Bank Employee Quarters is Rs 9,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, with the most recent increase being 10% from the 2023 revision to the 2024 revision.

What is the land classification for Indian Bank Employee Quarters?

The land classification for the Indian Bank Employee Quarters is Residential Class I Type - I.

Where can I find the Sub Registrar Office for this property?

The Sub Registrar Office for the Indian Bank Employee Quarters is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 8,91,000.