Guideline Value for Illagi Nagar

Illagi Nagar guideline value

The current guideline value of Illagi Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024. This area is located in Padappai village, under the Padappai SRO, and is classified as Residential Special Type - I.

How the guideline value of Illagi Nagar has changed

The guideline value for Illagi Nagar has undergone several revisions over the years. In 2007, the guideline value was Rs 120 per sq.ft, which saw a significant increase to Rs 1,800 per sq.ft in 2012. However, this figure decreased to Rs 1,206 per sq.ft in 2017. The 2023 revision set the value at Rs 1,800 per sq.ft, and the most recent revision in 2024 raised it to Rs 1,980 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

In summary, from 2007 to 2024, the guideline value increased by 1550%. The changes between the revisions include a 1400% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft, with a median value of Rs 830 per sq.ft. The guideline value of Illagi Nagar is above this median.

• Hayath Nagar: Rs 830 per sq.ft (2024)
• Hasan Nagar: Rs 1,320 per sq.ft (2024)
• Haritha Nagar: Rs 830 per sq.ft (2024)
• Hamithiya Nagar: Rs 1,320 per sq.ft (2024)
• Haji Anserdeen Avenue: Rs 3,300 per sq.ft (2024)
• Hagiyar Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Illagi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Illagi Nagar?

The Sub Registrar Office that covers Illagi Nagar is located at Padappai Sub Registrar Office, 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Padappai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

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

Frequently asked questions

What is the current guideline value of Illagi Nagar?

The current guideline value of Illagi Nagar is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, with the most recent increase of 10% from Rs 1,800 per sq.ft in 2023 to Rs 1,980 per sq.ft in 2024. Overall, from 2007 to 2024, the value has increased by 1550%.

What is the land classification for Illagi Nagar?

Illagi Nagar is classified as Residential Special Type - I, indicating its designation for residential purposes.

What is the range of guideline values in Padappai?

The guideline values in Padappai range from Rs 440 to Rs 4,000 per sq.ft, with a median value of Rs 830 per sq.ft for the year 2024.

Where is the Sub Registrar Office for Illagi Nagar located?

The Sub Registrar Office for Illagi Nagar is located at Padappai Sub Registrar Office, 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.