Guideline Value for Illangovan Street

Illangovan Street guideline value

The current guideline value of Illangovan Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village under the Pallavaram SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Illangovan Street has changed

The guideline value for Illangovan Street has seen several revisions over the years. In 2003, the value was Rs 255 per sq.ft, which increased to Rs 600 per sq.ft in 2007. Following this, the value surged to Rs 3,000 per sq.ft in 2012, then decreased to Rs 2,010 per sq.ft in 2017. The most recent revisions show an increase to Rs 3,000 per sq.ft in 2023 and a further rise to Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 1194%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of Illangovan Street.

• I.H.F.D. Nagar: Rs 4,400 per sq.ft (2024)
• Highways Co.Op.Society Layout: Rs 3,520 per sq.ft (2024)
• High Way Nagar West R.K.V.Avenue Extention: Rs 2,200 per sq.ft (2024)
• Indra Gandhi Street: Rs 3,520 per sq.ft (2024)
• Indra Nagar: Rs 3,300 per sq.ft (2024)
• Indra Nagar 6th Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Illangovan Street

For a 1,000 sq.ft plot at the current rate of Rs 3,300 per sq.ft, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Illangovan Street?

The Sub Registrar Office that covers Illangovan Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is an essential factor in property transactions in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees payable during the transaction process.

When buying or selling property, the guideline value is used to ensure that the transaction is recorded accurately. This helps maintain transparency in property dealings and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Illangovan Street?

The current guideline value of Illangovan Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 255 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 1194% over the years.

What is the land classification of Illangovan Street?

Illangovan Street is classified as Residential Class I Type - II.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Illangovan Street?

Stamp duty for properties in Illangovan Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 incurs a stamp duty of Rs 2,31,000 at 7%.