Guideline Value for Irular Colony

Irular Colony guideline value

The current guideline value of Irular Colony, located in Porur village under the Kunrathur SRO, is Rs 3,520 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - II.

How the guideline value of Irular Colony has changed

The guideline value for Irular Colony has seen several revisions over the years. Starting from Rs 593 per sq.ft in 2002, the value increased to Rs 657 per sq.ft in 2003, marking an 11% rise. In 2007, the value jumped significantly to Rs 1,000 per sq.ft, which was a 52% increase. The next revision in 2012 saw the value stay at Rs 3,200 per sq.ft, and then it decreased to Rs 2,144 per sq.ft in 2017, reflecting a 33% decline. The following revision in 2023 brought it back up to Rs 3,200 per sq.ft, and the most recent revision in 2024 set the value at Rs 3,520 per sq.ft, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 494%. Notably, there are no figures available for the years not listed in the register for this street.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO that carry a 2024 guideline value, ranging from Rs 2,860 to Rs 6,380 per sq.ft, with a median value of Rs 3,960 per sq.ft. The guideline value for Irular Colony is below this median.

• Irular Colony Lane: Rs 3,520 per sq.ft (2024)
• Hospital Road: Rs 3,520 per sq.ft (2024)
• Javahar Nagar Pilliyar Koil Street: Rs 3,960 per sq.ft (2024)
• Jayabharathi nagar 1st Street: Rs 3,520 per sq.ft (2024)
• Jayabharathi nagar 2nd Street: Rs 3,520 per sq.ft (2024)
• Jayabharathi Nagar Main Road: Rs 3,520 per sq.ft (2024)

Stamp duty and registration fee for property in Irular Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,520 per sq.ft, the total guideline value amounts to Rs 35,20,000. The stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total cost for these fees to Rs 3,16,800. 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 detailed calculations.

Which Sub Registrar Office covers Irular Colony?

The Sub Registrar Office that covers Irular Colony is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Porur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is compliant with legal requirements.

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

Frequently asked questions

What is the current guideline value of Irular Colony?

The current guideline value of Irular Colony is Rs 3,520 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 593 per sq.ft in 2002 to Rs 3,520 per sq.ft in 2024, showing an overall increase of 494% over this period.

What is the classification of land in Irular Colony?

The land in Irular Colony is classified as Residential Special Type - II.

Where can I find the Sub Registrar Office for Irular Colony?

The Sub Registrar Office for Irular Colony is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Irular Colony?

Stamp duty for properties in Irular Colony is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.