Guideline Value for ABITH COLONY

Abith Colony guideline value

The current guideline value of Abith Colony, located in Saidapet village, is Rs 4,400 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Abith Colony has changed

The guideline value for Abith Colony has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 647 per sq.ft. This value increased to Rs 810 per sq.ft in 2003, marking a 25% rise. By 2007, the value surged to Rs 1,100 per sq.ft, reflecting a 36% increase. The 2012 revision saw the value rise to Rs 4,000 per sq.ft, a substantial increase of 264%. However, in 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%. The 2023 revision brought the value back up to Rs 4,000 per sq.ft, and the most recent revision in 2024 has set it at Rs 4,400 per sq.ft, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 580%. There are no figures available for the revisions in years not mentioned.

Guideline values in Saidapet

Saidapet village has a total of 106 streets under the Chennai South Joint II SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value of Abith Colony.

• Abdul Razack Street: Rs 6,600 per sq.ft (2024)
• Abdul Razack Sahin Street (Anna Nagar): Rs 6,600 per sq.ft (2024)
• Abdul Razack 2nd Street: Rs 6,600 per sq.ft (2024)
• Abdul Razack 1st Street: Rs 6,600 per sq.ft (2024)
• Alandur Road: Rs 6,050 per sq.ft (2024)
• Amma Kannammal Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Abith Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Abith Colony?

The Sub Registrar Office that covers Abith Colony is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor during property transactions in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property. The buyer must pay these fees based on the guideline value or the sale price, whichever is higher.

When registering a property, the guideline value ensures that the transaction is documented at a fair value. This process helps maintain transparency and consistency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Abith Colony?

The current guideline value of Abith Colony is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, starting from Rs 647 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 580% over the years.

What is the land classification of Abith Colony?

Abith Colony is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

What are the stamp duty and registration fees for property in Abith Colony?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 3,96,000.

Where is the Sub Registrar Office for Abith Colony located?

The Sub Registrar Office for Abith Colony is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.