Guideline Value for Old Institute Road

Old Institute Road guideline value

The current guideline value of Old Institute Road is Rs 880 per sq.ft, effective from 1 July 2024. This road is located in Rajakilpakkam village, under the Selaiyur SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Old Institute Road has changed

The guideline value for Old Institute Road has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 600 per sq.ft. In 2017, the value was revised to Rs 402 per sq.ft, reflecting a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 600 per sq.ft, and then further rose to Rs 880 per sq.ft in the 2024 revision, marking a 47% increase from the previous year.

In summary, the guideline value has changed as follows: from Rs 600 in 2012 to Rs 402 in 2017, then to Rs 600 in 2023, and finally to Rs 880 in 2024. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Rajakilpakkam

In Rajakilpakkam, there are 384 streets under the Selaiyur SRO that have a 2024 guideline value ranging from Rs 850 to Rs 5,000 per sq.ft. The median value for these streets is Rs 2,150 per sq.ft, which means that Old Institute Road's 2024 guideline value is below this median.

• N.T.R. Garden: Rs 950 per sq.ft (2024)
• Nizha Avenue 2nd Street: Rs 2,150 per sq.ft (2024)
• Nizha Avenue 1st street: Rs 2,150 per sq.ft (2024)
• Nizha Avenue: Rs 2,150 per sq.ft (2024)
• Nisha Avenue II: Rs 2,150 per sq.ft (2024)
• Ovvaiyar Street: Rs 1,900 per sq.ft (2024)

Stamp duty and registration fee for property in Old Institute Road

For a 1,000 sq.ft plot at the current rate of Rs 880 per sq.ft, the guideline value would be Rs 8,80,000. The stamp duty at 7% would be Rs 61,600, and the registration fee at 2% would be Rs 17,600, making a total of Rs 79,200. 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 further calculations.

Which Sub Registrar Office covers Old Institute Road?

The Sub Registrar Office that covers Old Institute Road is 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 Rajakilpakkam

The guideline value is a crucial factor during the registration of property transactions in Rajakilpakkam. It serves as the basis for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps in determining the minimum price at which a property can be registered. Buyers and sellers must 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 Old Institute Road?

The current guideline value of Old Institute Road is Rs 880 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 in 2012 to Rs 402 in 2017, then to Rs 600 in 2023, and finally to Rs 880 in 2024.

What is the land classification of Old Institute Road?

Old Institute Road is classified as Residential Class IV Type - II.

What are the stamp duty and registration fees for property in Old Institute Road?

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 office handles registrations for Old Institute Road?

The Selaiyur Sub Registrar Office handles registrations for Old Institute Road, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.