Guideline Value for Iyyappa Nagar 7th Cross Street

Iyyappa Nagar 7th Cross Street guideline value

The current guideline value of Iyyappa Nagar 7th Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Chembakkam village under the Selaiyur SRO, and is classified as Residential Special Type - II.

How the guideline value of Iyyappa Nagar 7th Cross Street has changed

The guideline value for Iyyappa Nagar 7th Cross Street has seen several revisions over the years. In 2007, the value was Rs 450 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, this value dropped to Rs 1,340 per sq.ft in 2017, before rising again to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,200 per sq.ft in 2024.

From 2007 to 2012, there was a notable increase of 344%, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and increased by 10% from 2023 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 850 to Rs 6,700 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is the same as the guideline value for Iyyappa Nagar 7th Cross Street.

• Iyyappa Nagar 6th street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 7th street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 6th Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 8th Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 5th street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 8th street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Iyyappa Nagar 7th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 Iyyappa Nagar 7th Cross Street?

The Iyyappa Nagar 7th Cross Street is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Chembakkam. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures transparency and fairness in the transaction. It helps in assessing the value of the property and ensures that the government receives the appropriate revenue from the sale.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar 7th Cross Street?

The current guideline value of Iyyappa Nagar 7th Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, with various increases and decreases in between. Notably, there was a significant increase of 344% from 2007 to 2012.

What is the land classification for Iyyappa Nagar 7th Cross Street?

Iyyappa Nagar 7th Cross Street is classified as Residential Special Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties in this area?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For example, a property valued at Rs 22,00,000 would incur a stamp duty of Rs 1,54,000 and a registration fee of Rs 44,000.

Which office handles the registration for Iyyappa Nagar 7th Cross Street?

The Selaiyur Sub Registrar Office handles registrations for Iyyappa Nagar 7th Cross Street. The office is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.