Guideline Value for TORAIPAKKAM COLONY

Toraipakkam Colony guideline value

The current guideline value of Toraipakkam Colony is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is located in Okkiyamthuraipakkam village, under the Neelankarai SRO, and is classified as Residential Class I Type - II.

How the guideline value of Toraipakkam Colony has changed

The guideline value for Toraipakkam Colony has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was then reduced to Rs 2,345 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, raising the value to Rs 3,500 per sq.ft. The latest revision in 2024 has further increased the guideline value to Rs 3,900 per sq.ft, marking an 11% rise from the previous year.

Notably, there are no figures available for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 11%.

Guideline values in Okkiyamthuraipakkam

In Okkiyamthuraipakkam, there are 453 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Toraipakkam Colony's 2024 figure above this median.

• Trinity Garden: Rs 4,400 per sq.ft (2024)
• Trinity Park & Trinity Park Phase II: Rs 4,400 per sq.ft (2024)
• True Value Homes: Rs 6,600 per sq.ft (2024)
• T.V.H. Property: Rs 3,300 per sq.ft (2024)
• Union Salai: Rs 3,300 per sq.ft (2024)
• Thiru VI Ka Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Toraipakkam Colony

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Toraipakkam Colony?

The Toraipakkam Colony is covered by the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your specific SRO, you can find your SRO here.

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

The guideline value is a critical factor in the registration process when buying or selling property in Okkiyamthuraipakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher value is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue based on the property's worth.

Frequently asked questions

What is the current guideline value of Toraipakkam Colony?

The current guideline value of Toraipakkam Colony is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024, an increase of 11%. It was previously Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What is the land classification for Toraipakkam Colony?

Toraipakkam Colony is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Toraipakkam Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 39,00,000 would incur a stamp duty of Rs 2,73,000 at 7%.