Guideline Value for INDIAN FLATS

Indian Flats guideline value

The current guideline value for Indian Flats in Padi village, under the Villivakkam SRO, is Rs 9,900 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Indian Flats has changed

The guideline value for Indian Flats has seen several revisions over the years. In 2007, the value was Rs 1,650 per sq.ft, which increased significantly to Rs 9,000 per sq.ft in 2012. However, it then dropped to Rs 6,030 per sq.ft in 2017. The value rose again to Rs 9,000 per sq.ft in 2023, and is now set at Rs 9,900 per sq.ft from the 2024 revision.

From 2017 to 2023, there was a 49% increase, and from 2023 to 2024, the increase was 10%. Notably, the overall increase from 2007 to 2024 is 500%. The register does not provide figures for the years 2002 and 2003 for this street.

Guideline values in Padi

Padi village has 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value is Rs 3,800 per sq.ft, placing the 2024 figure for Indian Flats above this median.

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

Stamp duty and registration fee for property in Indian Flats

For a 1,000 sq.ft plot at the current rate of Rs 9,900 per sq.ft, the guideline value amounts to Rs 99,00,000. The stamp duty at 7% would be Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, totaling Rs 8,91,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Indian Flats?

The Sub Registrar Office covering Indian Flats is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the 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 key factor in property transactions in Padi. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling a property, the guideline value is assessed to calculate the applicable duties. Buyers should be aware that the duty is levied on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Indian Flats?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,650 per sq.ft in 2007 to Rs 9,900 per sq.ft in 2024, reflecting a significant overall increase of 500%.

What is the land classification for Indian Flats?

The land classification for Indian Flats is Residential Special Type - II, indicating its designated use for residential purposes.

What are the other streets in Padi with their guideline values?

Other streets in Padi include Indian Railway Welfare Association Nagar (Rail Nagar) at Rs 5,400 per sq.ft, IMAYAM COLONY 3rd STREET, 2nd STREET, and 1st STREET at Rs 7,100 per sq.ft, Imayam Colony and I.C.C.Plots at Rs 8,200 per sq.ft.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.