Guideline Value for Iyapa Nagar

Iyapa Nagar guideline value

The current guideline value of Iyapa Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024. This locality is situated in Porunthavakkam village, under the Pallavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Iyapa Nagar has changed

The guideline value for Iyapa Nagar has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 458 per sq.ft. It increased to Rs 500 per sq.ft in 2007, followed by a significant jump to Rs 1,600 per sq.ft in 2012. However, in the 2017 revision, it decreased to Rs 1,072 per sq.ft. The value then rose to Rs 1,600 per sq.ft in 2023, and currently stands at Rs 1,760 per sq.ft as per the 2024 revision. Notably, there is no figure available for the 2002 revision in the register for this street.

Analyzing the changes, from 2003 to 2007, the guideline value increased by 9%. From 2007 to 2012, it saw a remarkable rise of 220%. However, from 2012 to 2017, the value decreased by 33%. The subsequent increase from 2017 to 2023 was 49%, and finally, a 10% increase was recorded from 2023 to 2024. Overall, the guideline value has increased by 284% from 2003 to 2024.

Guideline values in Porunthavakkam

In Porunthavakkam, there are 23 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 1,760 to Rs 4,950 per sq.ft, with a median value of Rs 2,420 per sq.ft. Iyapa Nagar's 2024 figure is below this median.

• Jemes Street: Rs 2,420 per sq.ft (2024)
• Kalaivani Street: Rs 2,420 per sq.ft (2024)
• Kalyani Street: Rs 2,420 per sq.ft (2024)
• Kalyaniyammal Street: Rs 2,420 per sq.ft (2024)
• Gopal Street: Rs 3,300 per sq.ft (2024)
• Kamaraj Street: Rs 2,420 per sq.ft (2024)

Stamp duty and registration fee for property in Iyapa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value would be Rs 17,60,000. The stamp duty at 7% would amount to Rs 1,23,200, while the registration fee at 2% would be Rs 35,200, bringing the total fees to Rs 1,58,400. It's important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Iyapa Nagar?

The Sub Registrar Office that covers Iyapa Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Porunthavakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value to ensure compliance with local regulations during the transaction.

At the time of registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This makes it essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Iyapa Nagar?

The current guideline value of Iyapa Nagar is Rs 1,760 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 458 per sq.ft in 2003 to the current value of Rs 1,760 per sq.ft in 2024, reflecting an overall increase of 284% over this period.

What are the other streets in Porunthavakkam with their guideline values?

Other streets in Porunthavakkam include Jemes Street, Kalaivani Street, Kalyani Street, Kalyaniyammal Street, Gopal Street, and Kamaraj Street, with values ranging from Rs 2,420 to Rs 3,300 per sq.ft in 2024.

What fees are associated with buying property in Iyapa Nagar?

When purchasing property in Iyapa Nagar, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Iyapa Nagar?

The Sub Registrar Office for Iyapa Nagar is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.