Guideline Value for Irusappan Street

Irusappan Street guideline value

The current guideline value of Irusappan Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village and falls under the Periamet SRO, classified as Commercial Class I Type - I.

How the guideline value of Irusappan Street has changed

Over the years, the guideline value of Irusappan Street has undergone several revisions. The earliest recorded figure is from 2007, where the value was Rs 1,200 per sq.ft. This increased significantly to Rs 8,000 per sq.ft in 2012, marking a rise of 567%. However, it then saw a decline to Rs 5,360 per sq.ft in 2017, a drop of 33%. The subsequent revision in 2023 raised the value to Rs 8,000 per sq.ft, and the latest revision in 2024 sets it at Rs 8,800 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for Irusappan Street in the years 2002 and 2003. From 2017 to 2023, the value increased by 49%, and overall, from 2007 to 2024, the guideline value has risen by 633%.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO with a guideline value range for 2024 from Rs 2,200 to Rs 22,000 per sq.ft. The median guideline value is Rs 4,800 per sq.ft, placing Irusappan Street above this median.

• Jadkhapuram: Rs 4,800 per sq.ft (2024)
• Hunters Road(or)ThirunarayanaGuru street: Rs 11,000 per sq.ft (2024)
• Gurusamy Nagar Backside: Rs 2,700 per sq.ft (2024)
• Gurusamy Nagar 9th street: Rs 2,700 per sq.ft (2024)
• Gurusamy Nagar 8th street: Rs 2,700 per sq.ft (2024)
• Gurusamy Nagar 7th street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Irusappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. The duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Irusappan Street?

The Sub Registrar Office that covers Irusappan Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vepery. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the government records.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the 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 is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,200 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 633%.

What are the stamp duty and registration fees for properties in Irusappan Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 7,92,000.

Which office handles registrations for Irusappan Street?

The Periamet Sub Registrar Office handles registrations for Irusappan Street, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is revised periodically based on various factors. It serves as a basis for calculating stamp duty and registration fees during property transactions.