Guideline Value for IOB Colony 1st Main Road

IOB Colony 1st Main Road guideline value

The current guideline value of IOB Colony 1st Main Road is Rs 3,500 per sq.ft, effective from 1 July 2024. This road is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - IV.

How the guideline value of IOB Colony 1st Main Road has changed

The guideline value for IOB Colony 1st Main Road has seen several revisions over the years. The earliest available figure is from 2012, where the guideline value was Rs 3,300 per sq.ft. In 2017, this value decreased to Rs 2,211 per sq.ft, marking a decline of 33%. The value then increased significantly to Rs 3,300 per sq.ft in 2023, followed by a further rise to Rs 3,500 per sq.ft in 2024, which is an increase of 6% from the previous year.

From 2012 to 2024, the overall change in the guideline value is an increase of 6%. The jump from 2017 to 2023 was substantial, with a 49% increase noted. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,500 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, placing the 2024 figure for IOB Colony 1st Main Road above this median.

• IOB Colony: Rs 3,500 per sq.ft (2024)
• IOB Colony 2nd Main Road: Rs 3,500 per sq.ft (2024)
• IOB Colony 3rd Main Road: Rs 3,500 per sq.ft (2024)
• IOB Colony 4th Main Road: Rs 3,500 per sq.ft (2024)
• Indira Nagar West: Rs 1,900 per sq.ft (2024)
• Indira Nagar P.K.P Sundaram Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in IOB Colony 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 3,500 per sq.ft, the total guideline value amounts to Rs 35,00,000. The stamp duty at 7% would be Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, bringing the total fees to Rs 3,15,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers IOB Colony 1st Main Road?

The Sub Registrar Office that covers IOB Colony 1st Main Road is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Selaiyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When buying or selling property, it is essential to be aware of the guideline value, as it can influence the overall costs involved in the transaction. Buyers and sellers should always check the latest guideline values to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of IOB Colony 1st Main Road?

The current guideline value of IOB Colony 1st Main Road is Rs 3,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,300 per sq.ft in 2023 to Rs 3,500 per sq.ft in 2024, a 6% increase. It was Rs 2,211 per sq.ft in 2017 and Rs 3,300 per sq.ft in 2012, showing significant fluctuations over the years.

What is the land classification of IOB Colony 1st Main Road?

IOB Colony 1st Main Road is classified as Residential Special Type - IV, which indicates its intended use for residential purposes.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in IOB Colony 1st Main Road?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 35,00,000, the stamp duty at 7% would amount to Rs 2,45,000.