Guideline Value for AIR INDIA COLONY

Air India Colony guideline value

The current guideline value of Air India Colony, located in Purasaivakkam village under the Purasaivakkam SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This area falls under Residential Class III Type - I land classification.

How the guideline value of Air India Colony has changed

The guideline value for Air India Colony has undergone several revisions over the years. In 2007, the guideline value was Rs 1,800 per sq.ft. This increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 178%. However, in 2017, the value decreased to Rs 3,350 per sq.ft, which was a decline of 33%. The guideline value then rose again to Rs 5,000 per sq.ft in 2023, and subsequently to Rs 5,500 per sq.ft in 2024, representing a 10% increase.

Overall, from 2007 to 2024, the guideline value has increased by 206%. It is important to note that there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, which is the same as the current value for Air India Colony.

• A.K.SWAMY 1st STREET: Rs 7,700 per sq.ft (2024)
• A.K.SWAMY 2nd STREET: Rs 7,700 per sq.ft (2024)
• A.K.Swamy 3rd Street: Rs 7,700 per sq.ft (2024)
• A.K.Swamy 4th Street: Rs 7,700 per sq.ft (2024)
• A.K.Swamy 5th Street: Rs 7,700 per sq.ft (2024)
• A.K.Swamy 6th Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Air India Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty, charged at 7%, would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. In total, the charges would be Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Air India Colony?

The Sub Registrar Office that covers Air India Colony is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Purasaivakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory for legal documentation.

During the registration process, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Air India Colony?

The current guideline value of Air India Colony is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 206% over the years.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 55,00,000, the total charges would be Rs 4,95,000.

Which office handles property registrations in Air India Colony?

The Purasaivakkam Sub Registrar Office handles property registrations in Air India Colony, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Air India Colony?

Air India Colony falls under Residential Class III Type - I land classification, which indicates its intended use for residential purposes.