Guideline Value for Iyyappa Nagar

Iyyappa Nagar guideline value

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

How the guideline value of Iyyappa Nagar has changed

Over the years, the guideline value of Iyyappa Nagar has undergone several revisions. The earliest recorded value was Rs 2,000 per sq.ft in 2012, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and most recently, it has risen to Rs 2,200 per sq.ft in 2024. Notably, there are no recorded figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, followed by a significant increase of 49% from 2017 to 2023. The latest change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chembakkam

In Chembakkam, there are 472 streets under the Selaiyur SRO with a guideline value for 2024 ranging from Rs 850 to Rs 6,700 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which matches the current value for Iyyappa Nagar.

• Iyyappa Nagar 10th Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 10th Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 11th Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 12th Cross Street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 13th Cross street: Rs 2,200 per sq.ft (2024)
• Iyyappa Nagar 14th Cross street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Iyyappa Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty, charged at 7%, would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Iyyappa Nagar?

The Iyyappa Nagar area falls under the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process of property transactions in Chembakkam. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in calculating the applicable fees, which are based on the higher of the guideline value or the actual sale price. This ensures transparency and fairness in the property transaction process.

Frequently asked questions

What is the current guideline value of Iyyappa Nagar?

The current guideline value of Iyyappa Nagar 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Iyyappa Nagar?

Iyyappa Nagar is classified as Residential Special Type - II, indicating its designated use for residential purposes.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for properties in Iyyappa Nagar?

Stamp duty for properties in Iyyappa Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the same value.