Guideline Value for INNER RING ROAD

Inner Ring Road guideline value

The current guideline value for Inner Ring Road in Padi village, under the Villivakkam SRO, is Rs 13,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Special Type - I.

How the guideline value of Inner Ring Road has changed

The guideline value for Inner Ring Road has seen several revisions over the years. The 2012 revision set the value at Rs 12,000 per sq.ft, which was a decrease of 33% from Rs 8,040 per sq.ft in the 2017 revision. The value remained at Rs 12,000 per sq.ft until the 2023 revision, which increased it to Rs 12,000 per sq.ft. From 2023 to 2024, the guideline value rose by 10%, reaching Rs 13,200 per sq.ft.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median value for these streets is Rs 3,800 per sq.ft, placing the Inner Ring Road's 2024 figure above this median.

• Jagadambikai Nagar 'appar Street': Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar 'easwaran Koil Street': Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar 'manikavasakar Street': Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar 'nammalvar Street': Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar (Padi): Rs 3,400 per sq.ft (2024)
• Jagadambikai Nagar 'sekhizhar Street': Rs 3,400 per sq.ft (2024)

Stamp duty and registration fee for property in Inner Ring Road

For a 1,000 sq.ft plot at the current rate of Rs 13,200 per sq.ft, the guideline value totals Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would amount to Rs 2,64,000, making the total Rs 11,88,000. 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 Inner Ring Road?

The Inner Ring Road is covered by 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 an important factor during the registration process of property transactions in Padi. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that these costs are proportionate to the property's value.

When buying or selling property, the guideline value serves as a benchmark for both parties. It is essential to be aware of the current guideline value to ensure compliance with local regulations and to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Inner Ring Road?

The current guideline value for Inner Ring Road in Padi village is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 12,000 per sq.ft in 2012 to Rs 8,040 per sq.ft in 2017, then back to Rs 12,000 per sq.ft in 2023, and finally to Rs 13,200 per sq.ft in 2024.

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

Other streets in Padi under the Villivakkam SRO have a guideline value of Rs 3,400 per sq.ft as of 2024. This includes streets like Jagadambikai Nagar 'appar Street', 'easwaran Koil Street', and others.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Tamil Nadu is 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% applies.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more details by visiting the appropriate link.