Guideline Value for IYAPPA LAY OUT (SRI )

Iyappa Lay Out (Sri ) guideline value

The current guideline value of Iyappa Lay Out (Sri ), located in Okkiyamthuraipakkam village under the Neelankarai SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - III.

How the guideline value of Iyappa Lay Out (Sri ) has changed

The guideline value for Iyappa Lay Out (Sri ) has seen several revisions over the years. In 2003, the value was Rs 111 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in 2007. Following that, the value rose to Rs 2,000 per sq.ft in 2012, but then decreased to Rs 1,340 per sq.ft in 2017. The value then increased to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft from the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1882%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, indicating that Iyappa Lay Out (Sri )'s 2024 figure of Rs 2,200 per sq.ft is below this median.

• Ishwariya Foundations: Rs 2,200 per sq.ft (2024)
• Industrial Estate Road: Rs 6,400 per sq.ft (2024)
• Jains Peeble Brook: Rs 2,800 per sq.ft (2024)
• Indiragandhi Street: Rs 2,800 per sq.ft (2024)
• INDIRA ENCLAVE 4th STREET: Rs 3,900 per sq.ft (2024)
• Indira Enclave: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Iyappa Lay Out (Sri )

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total 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.

You can use our stamp duty and registration fee calculator for a more detailed calculation.

Which Sub Registrar Office covers Iyappa Lay Out (Sri )?

The Iyappa Lay Out (Sri ) is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. For more information, you can find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for calculating stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Iyappa Lay Out (Sri )?

The current guideline value of Iyappa Lay Out (Sri ), effective from 1 July 2024, is Rs 2,200 per sq.ft.

How has the guideline value changed over the years?

The guideline value has changed from Rs 111 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, with various revisions in between, including a decrease in 2017 and increases in subsequent years.

What is the land classification of Iyappa Lay Out (Sri )?

Iyappa Lay Out (Sri ) is classified as Residential Class II Type - III according to the land classification standards.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in this area is 7%, calculated on the higher of the guideline value or the sale price.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.