Guideline Value for Iyappa Nagar

Iyappa Nagar guideline value

The current guideline value of Iyappa Nagar, located in Kilkattalai village under the Pallavaram SRO, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Iyappa Nagar has changed

Over the years, the guideline value of Iyappa Nagar has seen significant changes. The earliest recorded figure is from 2003, which was Rs 260 per sq.ft. This increased to Rs 500 per sq.ft in 2007, marking a substantial rise of 92%. The value then jumped to Rs 2,500 per sq.ft in 2012, reflecting a remarkable increase of 400%. However, it decreased to Rs 1,675 per sq.ft in 2017, a decline of 33%. The value then rose sharply to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024, which is a 10% increase from the previous year. The register has no figure for this street in 2002.

From 2003 to 2024, the overall increase in the guideline value is an impressive 958%. The changes between the revisions illustrate the fluctuations in the property market over the years, with notable increases and decreases at various intervals.

Guideline values in Kilkattalai

In Kilkattalai, there are 194 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, and Iyappa Nagar's 2024 guideline value of Rs 2,750 per sq.ft is above this median.

• Iyappan Koil Street: Rs 2,750 per sq.ft (2024)
• Jayalakshmi Nagar: Rs 2,160 per sq.ft (2024)
• Indian Colony (Sai Street): Rs 2,200 per sq.ft (2024)
• Indian Colony: Rs 2,200 per sq.ft (2024)
• Jeya Nagar: Rs 2,200 per sq.ft (2024)
• Guruvayurappan Nagar: Rs 2,530 per sq.ft (2024)

Stamp duty and registration fee for property in Iyappa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would amount to Rs 55,000. Together, these charges total Rs 2,47,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Iyappa Nagar?

The Sub Registrar Office that covers Iyappa 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kilkattalai. It is used to determine the stamp duty and registration fees applicable to the transaction. The buyer must pay these fees based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value set by the government. This value is periodically revised to reflect changes in the real estate market and is essential for ensuring transparency in property transactions.

Frequently asked questions

What is the current guideline value of Iyappa Nagar?

The current guideline value of Iyappa Nagar is Rs 2,750 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 260 per sq.ft in 2003 to Rs 2,750 per sq.ft in 2024, with various revisions in between reflecting increases and decreases.

What is the land classification for Iyappa Nagar?

Iyappa Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

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

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

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at the rate of 7%.