Guideline Value for Indira Nagar 2nd Street

Indira Nagar 2nd Street guideline value

The current guideline value of Indira Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kolathur village and falls under the Sembiam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Indira Nagar 2nd Street has changed

Over the years, the guideline value of Indira Nagar 2nd Street has undergone several revisions. The 2007 revision set the value at Rs 700 per sq.ft, which saw a significant increase to Rs 2,500 per sq.ft in the 2012 revision. This figure remained unchanged until the 2023 revision, which also recorded Rs 2,500 per sq.ft. The most recent revision in 2024 increased the guideline value to Rs 2,700 per sq.ft, reflecting an 8% increase from the previous year.

In summary, the guideline value has increased by 286% from the 2007 revision to the current 2024 rate. Notably, there are no figures available for the revisions in 2002, 2003, and 2017 for Indira Nagar 2nd Street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO, with guideline values ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Indira Nagar 2nd Street's 2024 figure below this median.

• Indira Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Indira Nagar Avenue: Rs 2,700 per sq.ft (2024)
• Indira Nagar Extension: Rs 2,700 per sq.ft (2024)
• Inner ring Road: Rs 5,500 per sq.ft (2024)
• Jaganathan Nagar: Rs 2,700 per sq.ft (2024)
• Hi-Tech City: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Nagar 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,700 per sq.ft, the guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, totaling Rs 2,43,000. 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 Indira Nagar 2nd Street?

The Sub Registrar Office that covers Indira Nagar 2nd Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for additional information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolathur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property transactions.

When a buyer purchases a property, the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher. This ensures that both the buyer and seller are aware of the financial implications involved in the transaction.

Frequently asked questions

What is the current guideline value of Indira Nagar 2nd Street?

The current guideline value of Indira Nagar 2nd Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 700 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, marking an overall increase of 286%.

What is the land classification for Indira Nagar 2nd Street?

Indira Nagar 2nd Street is classified as Residential Class II Type - I.

Where is the Sembiam Sub Registrar Office located?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is stamp duty calculated for properties in Indira Nagar 2nd Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000.