Guideline Value for IOB Colony

IOB Colony guideline value

The current guideline value of IOB Colony in Thiruvallur village is Rs 2,200 per sq.ft, effective from 1 July 2024. This property falls under the Tiruvallur Joint 1 SRO and is classified as Residential Special Type - I.

How the guideline value of IOB Colony has changed

The guideline value for IOB Colony has undergone several revisions over the years. The earliest recorded figure is from 2007, which was Rs 200 per sq.ft. This increased significantly to Rs 2,000 per sq.ft in 2012, marking a substantial rise of 900%. However, the value dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. Following this, the value surged to Rs 2,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 1000%.

Guideline values in Thiruvallur

In Thiruvallur village, there are 172 streets under the Tiruvallur Joint 1 SRO that carry a 2024 guideline value, ranging from Rs 550 to Rs 3,850 per sq.ft. The median value for these streets is Rs 1,100 per sq.ft, placing IOB Colony's 2024 figure above that median.

• Inkarlal Street: Rs 1,100 per sq.ft (2024)
• Iyveliagaram Street: Rs 1,100 per sq.ft (2024)
• Iyveliagram Colony: Rs 880 per sq.ft (2024)
• Iyyanar Avenue: Rs 1,650 per sq.ft (2024)
• Jagajeevamram Street: Rs 2,200 per sq.ft (2024)
• Indira Nagar: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in IOB Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers IOB Colony?

The Sub Registrar Office that covers IOB Colony is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Thiruvallur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the taxes due, ensuring that the fees are based on a standardized value rather than the sale price alone. This helps maintain transparency in property transactions within the region.

Frequently asked questions

What is the current guideline value of IOB Colony?

The current guideline value of IOB Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting a significant increase of 1000% overall.

What are the stamp duty rates for IOB Colony?

The stamp duty for properties in IOB Colony is charged at 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for IOB Colony located?

The Sub Registrar Office for IOB Colony is the Tiruvallur Joint 1 Sub Registrar Office, located at No.201, J.n.road, Taluk Office Compound, Thiruvallur-602001, Chennai registration zone.

What is the land classification for IOB Colony?

IOB Colony is classified as Residential Special Type - I, which is relevant for determining its guideline value and usage.