Guideline Value for Irusappan Street (Chennai-14)

Irusappan Street (Chennai-14) guideline value

The current guideline value of Irusappan Street (Chennai-14) is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Residential Class I Type - I.

How the guideline value of Irusappan Street (Chennai-14) has changed

Over the years, the guideline value of Irusappan Street has seen several revisions. The 2012 revision set the value at Rs 6,000 per sq.ft, which then decreased to Rs 4,020 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 6,000 per sq.ft, and the most recent 2024 revision has further increased it to Rs 6,600 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The overall change from 2012 to 2024 shows an increase of 10% in the guideline value.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO with a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median value is Rs 6,600 per sq.ft, which is the same as the current guideline value for Irusappan Street.

• Iyya Pillai Street: Rs 6,600 per sq.ft (2024)
• Hussain Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• Hussain Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• Hussain Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Hussain Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Hussain Nagar 1st Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Irusappan Street (Chennai-14)

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Irusappan Street (Chennai-14)?

The Sub Registrar Office covering Irusappan Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Triplicane. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate applicable stamp duty and registration fees.

During the registration process, the higher amount between the guideline value and the sale price is considered for calculating these fees. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Irusappan Street?

The current guideline value of Irusappan Street (Chennai-14) is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 6,000 per sq.ft in 2012 to Rs 4,020 per sq.ft in 2017, then to Rs 6,000 per sq.ft in 2023, and finally to Rs 6,600 per sq.ft in 2024.

What is the land classification for Irusappan Street?

Irusappan Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2%. For example, a 1,000 sq.ft plot at the current rate incurs a total fee of Rs 5,94,000.

Where is the Sub Registrar Office for Irusappan Street located?

The Sub Registrar Office for Irusappan Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.