Guideline Value for ISHA HOMES

Isha Homes guideline value

The current guideline value for Isha Homes in Medavakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This property falls under the Chennai South Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Isha Homes has changed

The guideline value for Isha Homes has seen several revisions over the years. In 2012, the value was set at Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017. The value then increased significantly to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft from the 2024 revision. The changes between these revisions are notable: from 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023, and a further increase of 10% from 2023 to 2024.

It is important to note that the register does not have figures for the years 2002, 2003, and 2007 for this street. The overall change from 2012 to 2024 reflects a modest increase of 10%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Isha Homes is above this median.

• Iswariya Avenue / Garden: Rs 2,750 per sq.ft (2024)
• Indra Street/Nagar: Rs 2,200 per sq.ft (2024)
• Indra Priyadarshini Nagar Rajiv Street: Rs 1,870 per sq.ft (2024)
• Iyyappa Nagar: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Isha Homes

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. 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 Isha Homes?

The Isha Homes property is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Medavakkam. It is used to determine the applicable stamp duty and registration fees, ensuring that both the buyer and seller adhere to the legal requirements set by the government.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers should ensure that they are informed about the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Isha Homes?

The current guideline value for Isha Homes is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and currently to Rs 2,750 per sq.ft in 2024.

What is the land classification for Isha Homes?

Isha Homes is classified as Commercial Class I Type - III under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for Isha Homes?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees amount to Rs 2,47,500.

Where is the Sub Registrar Office for Isha Homes located?

The Sub Registrar Office covering Isha Homes is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.