Guideline Value for IYYAPPA NAGAR (NEAR VANASAKTHI NAGAR)

Iyyappa Nagar (Near Vanasakthi Nagar) guideline value

The current guideline value of Iyyappa Nagar (Near Vanasakthi Nagar) is Rs 2,700 per sq.ft, effective from 1 July 2024. This area falls under Korattur village and is classified as Residential Class I Type - III, with the registration office being the Villivakkam SRO.

How the guideline value of Iyyappa Nagar (Near Vanasakthi Nagar) has changed

The guideline value for Iyyappa Nagar has seen significant changes over the years. In the 2007 revision, the value was Rs 375 per sq.ft, which increased dramatically to Rs 2,500 per sq.ft in 2012. However, this figure dropped to Rs 1,675 per sq.ft in the 2017 revision. The 2023 revision then saw a rise to Rs 2,500 per sq.ft, followed by the current 2024 figure of Rs 2,700 per sq.ft. The changes between these revisions are notable: from 2007 to 2012, there was an increase of 567%, followed by a decrease of 33% from 2012 to 2017. The value surged by 49% from 2017 to 2023, and finally, there was an 8% increase from 2023 to 2024.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 620%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Iyyappa Nagar's current value above this median.

• Jagadeeswari Nagar: Rs 1,300 per sq.ft (2024)
• Jai Nagar: Rs 2,900 per sq.ft (2024)
• JAMBUGESWARA NAGAR 1st. STREET: Rs 1,600 per sq.ft (2024)
• JAMBUGESWARA NAGAR 2nd STREET: Rs 1,600 per sq.ft (2024)
• JAMBUGESWARA NAGAR 3rd STREET: Rs 1,600 per sq.ft (2024)
• JAMBUGESWARA NAGAR 4th STREET: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Iyyappa Nagar (Near Vanasakthi Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, while the registration fee at 2% would be Rs 54,000, leading to a total of Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Iyyappa Nagar (Near Vanasakthi Nagar)?

The Sub Registrar Office that covers Iyyappa Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar (Near Vanasakthi Nagar)?

The current guideline value of Iyyappa Nagar (Near Vanasakthi Nagar) is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 375 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, marking an overall increase of 620% over this period.

What are the other streets in Korattur and their guideline values?

Other streets in Korattur include Jagadeeswari Nagar at Rs 1,300 per sq.ft, Jai Nagar at Rs 2,900 per sq.ft, and various streets in Jambugeswara Nagar, all at Rs 1,600 per sq.ft for 2024.

How is stamp duty calculated for properties in Iyyappa Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at 7%.

Where can I find the Sub Registrar Office for Iyyappa Nagar?

The Sub Registrar Office for Iyyappa Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.