Guideline Value for IYYAPPA NAGAR CROSS STREET

Iyyappa Nagar Cross Street guideline value

The current guideline value of Iyyappa Nagar Cross 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 Cross Street has changed

The guideline value for Iyyappa Nagar Cross Street has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. The 2023 revision saw an increase to Rs 2,000 per sq.ft, which was then revised again to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase from the previous year. Overall, from 2012 to 2024, the guideline value has increased by 10%.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. The changes between the revisions indicate a significant rise of 49% from 2017 to 2023, while the value decreased by 33% from 2012 to 2017.

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 value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Iyyappa Nagar Cross Street.

• Iyyappa Nagar Extn: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar: 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 Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, totaling Rs 1,98,000. It is important to note that the 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 Iyyappa Nagar Cross Street?

The Sub Registrar Office that covers Iyyappa Nagar Cross 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. 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 an important factor when buying or selling property in Medavakkam. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value during negotiations to ensure compliance with local regulations.

When a property is registered, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar Cross Street?

The current guideline value of Iyyappa Nagar Cross 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Iyyappa Nagar Cross Street?

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

What are the other streets with the same guideline value in Medavakkam?

Other streets in Medavakkam with the same guideline value of Rs 2,200 per sq.ft include Iyyappa Nagar Extn, Iyyappa Nagar 1st Street, Iyyappa Nagar, and Indra Street/Nagar.

Where is the Sub Registrar Office for Iyyappa Nagar Cross Street located?

The Sub Registrar Office for Iyyappa Nagar Cross Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.