Guideline Value for Iyyan Nagar

Iyyan Nagar guideline value

The current guideline value of Iyyan Nagar is Rs 880 per sq.ft, effective from 1 July 2024. This area is located in Nandambakkam village, under the Padappai SRO, and is classified as Residential Class I Type - I.

How the guideline value of Iyyan Nagar has changed

Since the 2007 revision, when the guideline value was Rs 50 per sq.ft, there has been a significant increase to Rs 880 per sq.ft in 2024. The revisions are as follows: in 2012, the value rose to Rs 800 per sq.ft, but then decreased to Rs 536 per sq.ft in 2017. The 2023 revision saw an increase to Rs 800 per sq.ft, followed by a further rise to Rs 880 per sq.ft in 2024, marking a 10% increase from the previous year.

Notably, the guideline value has changed dramatically over the years. From 2007 to 2012, there was a remarkable increase of 1500%, followed by a decrease of 33% from 2012 to 2017. The value then increased by 49% from 2017 to 2023, and overall, from 2007 to 2024, there has been a total increase of 1660%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nandambakkam

In Nandambakkam, there are 94 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 2,300 per sq.ft, with the median being Rs 880 per sq.ft. Iyyan Nagar's guideline value matches this median.

• Indra Nagar: Rs 770 per sq.ft (2024)
• Kalaignar Nagar: Rs 720 per sq.ft (2024)
• Kamakshi Nagar: Rs 880 per sq.ft (2024)
• Gandhi Nagar: Rs 990 per sq.ft (2024)
• Ganapathy Nagar: Rs 990 per sq.ft (2024)
• Dharmaraja Nagar: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Iyyan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 880 per sq.ft, the total guideline value would be Rs 8,80,000. The stamp duty at 7% would amount to Rs 61,600, and the registration fee at 2% would be Rs 17,600, totaling Rs 79,200. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Iyyan Nagar?

The Sub Registrar Office that covers Iyyan Nagar is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Nandambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are based on this value or the sale price, whichever is higher. This ensures transparency and compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of Iyyan Nagar?

The current guideline value of Iyyan Nagar is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 50 per sq.ft in 2007 to Rs 880 per sq.ft in 2024, with various fluctuations in between.

What are the stamp duty and registration fees for a property in Iyyan Nagar?

For a property valued at Rs 8,80,000, the stamp duty would be Rs 61,600 and the registration fee would be Rs 17,600, totaling Rs 79,200.

Which Sub Registrar Office covers Iyyan Nagar?

The Padappai Sub Registrar Office covers Iyyan Nagar, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What is the land classification of Iyyan Nagar?

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