Guideline Value for IYYAPPA NAGAR 1ST STREET

Iyyappa Nagar 1st Street guideline value

The current guideline value of Iyyappa Nagar 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village, under the Chennai South Joint I SRO, and is classified as Residential Class I Type - I.

How the guideline value of Iyyappa Nagar 1st Street has changed

The guideline value for Iyyappa Nagar 1st Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, an increase of 10% from the 2023 figure of Rs 2,000 per sq.ft. Prior to this, the 2017 revision recorded a value of Rs 1,340 per sq.ft, which marked a significant increase of 49% compared to the previous 2023 value. The 2012 revision also recorded Rs 2,000 per sq.ft, which was a decrease of 33% from the 2017 figure.

It is important to note that there are no recorded figures for Iyyappa Nagar 1st Street in the years 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 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. The median guideline value for these streets is Rs 2,200 per sq.ft, which is the same as the current value for Iyyappa Nagar 1st Street.

• Iyyappa Nagar: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar Extn: Rs 2,200 per sq.ft (2024)
• Iswariya Avenue / Garden: Rs 2,750 per sq.ft (2024)
• Isha Homes: Rs 2,750 per sq.ft (2024)
• Indra Street/Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Iyyappa Nagar 1st Street

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, resulting in a total of 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Iyyappa Nagar 1st Street?

The Sub Registrar Office that covers Iyyappa Nagar 1st Street is 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, Chennai registration zone.

You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Medavakkam. It serves as a reference point for determining the stamp duty and registration fees that are applicable during the sale or purchase of property.

When a property is registered, the guideline value is used to calculate the necessary fees, ensuring that the transaction is conducted in accordance with the regulations set forth by the Registration Department. Buyers and sellers should be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar 1st Street?

The current guideline value of Iyyappa Nagar 1st Street 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 1,340 per sq.ft in 2017 to Rs 2,200 per sq.ft in 2024, with various increments and decrements in between, including a 10% increase from 2023 to 2024.

Which Sub Registrar Office covers Iyyappa Nagar 1st Street?

The Sub Registrar Office covering Iyyappa Nagar 1st Street is 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.

What are the stamp duty and registration fees for property in Iyyappa Nagar 1st Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

What is the land classification for Iyyappa Nagar 1st Street?

Iyyappa Nagar 1st Street is classified as Residential Class I Type - I.