Guideline Value for Air India Colony

Air India Colony guideline value

The current guideline value of Air India Colony, located in Mogalivakkam village under the Kunrathur SRO, is Rs 2,860 per sq.ft, effective from 1 July 2024. This area falls under the Residential Special Type - II land classification.

How the guideline value of Air India Colony has changed

The guideline value of Air India Colony has seen several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 2,600 per sq.ft in 2012, marking a 333% increase. However, the value dropped to Rs 1,742 per sq.ft in 2017, a decrease of 33%. The subsequent revision in 2023 raised the value to Rs 2,600 per sq.ft, which was a 49% increase, leading to the current guideline value of Rs 2,860 per sq.ft from the 2024 revision, a 10% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 377%.

Guideline values in Mogalivakkam

In Mogalivakkam, there are 98 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,530 to Rs 6,600 per sq.ft. The median value for these streets is Rs 2,970 per sq.ft, placing Air India Colony's current value below that median.

• A.G.S.Colony: Rs 2,530 per sq.ft (2024)
• Agathiswaran Koil Street: Rs 2,530 per sq.ft (2024)
• Adhikesava Thillai Nagar: Rs 3,520 per sq.ft (2024)
• Amman Koil Street: Rs 2,860 per sq.ft (2024)
• Ananda Nagar: Rs 2,860 per sq.ft (2024)
• Annai Kamala Street: Rs 2,860 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 2,860 per sq.ft, the total guideline value would be Rs 28,60,000. The stamp duty at 7% would amount to Rs 2,00,200, while the registration fee at 2% would be Rs 57,200. Together, the total cost for these fees would be Rs 2,57,400. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Air India Colony?

The Sub Registrar Office that covers Air India Colony is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Mogalivakkam, as it determines the minimum value at which a property can be registered. This value is used by the registration authorities to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value serves as a benchmark for the transaction. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Air India Colony?

The current guideline value of Air India Colony is Rs 2,860 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 per sq.ft in 2007 to Rs 2,860 per sq.ft in 2024, marking an overall increase of 377% over the years.

What is the land classification for Air India Colony?

Air India Colony is classified as Residential Special Type - II, which influences its guideline value and usage.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft property, the total fees would amount to Rs 2,57,400.

Where is the Kunrathur Sub Registrar Office located?

The Kunrathur Sub Registrar Office is located at No.59, Road Street, Kundrathur, Chennai -600 069, and is responsible for property registrations in the area.