Guideline Value for Tamilnadu Association of Cottage Industries

Tamilnadu Association of Cottage Industries guideline value

The current guideline value for the Tamilnadu Association of Cottage Industries is Rs 2,750 per sq.ft, effective from 1 July 2024. This property is located in 44.Ayanambakkam village, under the Konnur SRO, with a land classification of Industries Type - I.

How the guideline value of Tamilnadu Association of Cottage Industries has changed

The guideline value for the Tamilnadu Association of Cottage Industries has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase from Rs 2,500 per sq.ft in 2023. This marks a 10% increase from the previous year. Prior to that, in 2017, the value was Rs 1,675 per sq.ft, indicating a significant increase of 49% to the 2023 figure. Overall, from 2017 to 2024, the guideline value has risen by 64%.

The register does not provide figures for the years 2002, 2003, 2007, and 2012 for this street. Therefore, the changes in guideline value are noted only from 2017 through 2024.

Guideline values in 44.Ayanambakkam

In 44.Ayanambakkam, there are 157 streets under the Konnur SRO that have a 2024 guideline value ranging from Rs 801 to Rs 9,702 per sq.ft, with a median value of Rs 1,300 per sq.ft. The guideline value for the Tamilnadu Association of Cottage Industries is above this median.

• The Chennai New City: Rs 1,700 per sq.ft (2024)
• The chennai newcity EXTN: Rs 2,200 per sq.ft (2024)
• Sri Vijaya Nagar: Rs 1,100 per sq.ft (2024)
• Sri Padavattamman Nagar: Rs 1,100 per sq.ft (2024)
• Thiruvalluvar Street: Rs 1,100 per sq.ft (2024)
• Thiruverkadu Road: Rs 1,100 per sq.ft (2024)

Stamp duty and registration fee for property in Tamilnadu Association of Cottage Industries

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, leading to a total of Rs 2,47,500 for these charges. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Tamilnadu Association of Cottage Industries?

The Tamilnadu Association of Cottage Industries is covered by the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai in the Chennai registration zone.

You can find your SRO for more information.

How the guideline value is used when you buy or sell in 44.Ayanambakkam

The guideline value plays a crucial role in the registration process when buying or selling property in 44.Ayanambakkam. It serves as a benchmark for determining the value of the property for stamp duty and registration fee calculations, ensuring that all transactions are conducted according to the official values set by the registration department.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the current market conditions as outlined in the guideline value register.

Frequently asked questions

What is the current guideline value for Tamilnadu Association of Cottage Industries?

The current guideline value for the Tamilnadu Association of Cottage Industries is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,675 per sq.ft in 2017 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 64% over these years.

What are the stamp duty and registration fees for this property?

For a property valued at Rs 27,50,000, the stamp duty is Rs 1,92,500 and the registration fee is Rs 55,000, totaling Rs 2,47,500. These fees are based on the guideline value.

Which Sub Registrar Office covers this area?

The Konnur Sub Registrar Office covers the Tamilnadu Association of Cottage Industries, located at Sub Register Office, Villivakkam Panchat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the property is valued according to official standards set by the registration department.