Guideline Value for IOB Colony

IOB Colony guideline value

The current guideline value of IOB Colony in Selaiyur village is Rs 3,500 per sq.ft, effective from 1 July 2024. This area falls under the Selaiyur Sub Registrar Office (SRO) and is classified as Residential Special Type - IV.

How the guideline value of IOB Colony has changed

The guideline value of IOB Colony has undergone several revisions over the years. In 2007, the guideline value was set at Rs 450 per sq.ft. This figure saw a significant increase to Rs 3,300 per sq.ft in 2012, marking a rise of 633%. However, the value dropped to Rs 2,211 per sq.ft in 2017, reflecting a decrease of 33%. The 2023 revision saw the value increase to Rs 3,300 per sq.ft, and the latest revision in 2024 has raised it further to Rs 3,500 per sq.ft, which is a 6% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 678%. It is important to note that the register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO, with guideline values 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 IOB Colony's 2024 figure above this median.

• IOB Colony 1st Main Road: 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

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, charged at 7%, would be Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, bringing the total fees together 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?

The IOB Colony falls under 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 in the registration process when buying or selling property in Selaiyur. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than the negotiated sale price.

When a property transaction occurs, the buyer and seller must consider the guideline value to determine the financial obligations associated with registration. This ensures transparency and compliance with local regulations, as the fees are calculated based on the higher value between the guideline and sale price.

Frequently asked questions

What is the current guideline value of IOB Colony?

The current guideline value of IOB Colony 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 increased from Rs 450 per sq.ft in 2007 to Rs 3,500 per sq.ft in 2024, showing an overall increase of 678% over the years.

What is the land classification of IOB Colony?

IOB Colony is classified as Residential Special Type - IV, which indicates its zoning for residential purposes.

Where is the Selaiyur Sub Registrar Office located?

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 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 Rs 3,500 per sq.ft, the total guideline value would be Rs 35,00,000.