Guideline Value for IYYAPPA NAGAR

Iyyappa Nagar guideline value

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

How the guideline value of Iyyappa Nagar has changed

The guideline value for Iyyappa Nagar has undergone several revisions over the years. In 2002, the value was Rs 77 per sq.ft, which increased to Rs 90 per sq.ft in 2003, marking a 17% rise. The value then saw a significant increase to Rs 300 per sq.ft in 2007, reflecting a 233% change. Following this, the value surged to Rs 2,000 per sq.ft in 2012, a remarkable increase of 567%. However, it decreased to Rs 1,340 per sq.ft in 2017, showing a decline of 33%. The value then rose to Rs 2,000 per sq.ft in 2023, and most recently to Rs 2,200 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 2757%. There are no figures available for revisions in years other than those listed.

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 of Rs 2,200 per sq.ft. Iyyappa Nagar's 2024 figure is equal to this median.

• Iyyappa Nagar 1st Street: 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

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, making the total Rs 1,98,000. 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?

The Sub Registrar Office covering Iyyappa Nagar 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 a crucial factor when registering property transactions in Medavakkam. It serves as a benchmark for determining the stamp duty and registration fees payable during the sale or purchase of property. Buyers and sellers must be aware of the guideline value to ensure compliance with local regulations.

When a property is sold, the registration office uses the guideline value to calculate the applicable duties. This means that the higher of the guideline value or the sale price will be considered for duty calculation, ensuring that all transactions are fairly assessed.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar?

The current guideline value of Iyyappa Nagar 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 significantly from Rs 77 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 2757% over this period.

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

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.

Which Sub Registrar Office covers Iyyappa Nagar?

The Chennai South Joint I Sub Registrar Office covers Iyyappa Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Iyyappa Nagar?

Iyyappa Nagar is classified as Residential Class I Type - I, which indicates its suitability for residential developments.