Guideline Value for Iniya illam

Iniya illam guideline value

The current guideline value of Iniya illam in Chembakkam village under the Selaiyur SRO is Rs 2,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Iniya illam has changed

Iniya illam's guideline value has seen several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value increased to Rs 2,000 per sq.ft in the 2023 revision, and finally, it rose to Rs 2,200 per sq.ft in the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, there have been significant changes. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has seen a 10% increase.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is the same as the current value for Iniya illam.

• Inka cabel Road: Rs 950 per sq.ft (2024)
• Iyyappa Nagar: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 10th Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 11th Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 12th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Iniya illam

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total 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, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Iniya illam?

The Sub Registrar Office that covers Iniya illam is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Chembakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the registration process adheres to government regulations.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Iniya illam?

The current guideline value for Iniya illam is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has seen several revisions, with the most recent increase from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. The value has fluctuated significantly since 2012, with a decrease in 2017 followed by increases in subsequent years.

What are the stamp duty and registration fees for property in Iniya illam?

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. These fees are calculated based on the higher of the guideline value or the sale price.

Which Sub Registrar Office handles transactions for Iniya illam?

The Selaiyur Sub Registrar Office handles transactions for Iniya illam, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification for Iniya illam?

The land classification for Iniya illam is Residential Special Type - II, indicating its designation for residential development within the area.