Guideline Value for Inner ring Road

Inner ring Road guideline value

The current guideline value of Inner ring Road in Kolathur village, under the Sembiam SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is classified as Commercial Class I Type - I.

How the guideline value of Inner ring Road has changed

The guideline value for Inner ring Road has seen significant changes over the years. In 2002, the value was Rs 211 per sq.ft, which increased to Rs 400 per sq.ft in 2003, marking a 90% rise. By 2007, the value further surged to Rs 1,200 per sq.ft, indicating a 200% increase from the previous revision. The 2012 revision maintained the value at Rs 5,000 per sq.ft, with no change noted until 2023.

In 2023, the guideline value was revised to Rs 5,000 per sq.ft, and then it increased by 10% to Rs 5,500 per sq.ft in 2024. Notably, there is no figure available for the year 2017 in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 2507%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO, with the 2024 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 Inner ring Road above this median.

• Indira Nagar Extension: Rs 2,700 per sq.ft (2024)
• Indira Nagar Avenue: Rs 2,700 per sq.ft (2024)
• Indira Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Jaganathan Nagar: Rs 2,700 per sq.ft (2024)
• Indira Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Jaganathan Salai / Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Inner ring Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Inner ring Road?

The Sub Registrar Office that covers Inner ring Road is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more 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 is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is officially recorded.

When a property is sold, the guideline value serves as a benchmark for the minimum value at which the property can be registered. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Inner ring Road?

The current guideline value of Inner ring Road in Kolathur is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 211 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 2507%.

What are the stamp duty and registration fees for property in Inner ring Road?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office is responsible for Inner ring Road?

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

What is the land classification for Inner ring Road?

Inner ring Road is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.