Guideline Value for BANK COLONY

Bank Colony guideline value

The current guideline value of Bank Colony, located in Perumbakkam village, is Rs 2,725 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the Selaiyur SRO and is classified as Residential Special Type - I.

How the guideline value of Bank Colony has changed

The guideline value for Bank Colony has seen several revisions over the years. In 2012, the value was set at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 2,500 per sq.ft in 2023, and most recently to Rs 2,725 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%. The change from 2023 to 2024 reflects a 9% rise. Overall, from the 2012 revision to the current 2024 revision, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Perumbakkam

In Perumbakkam, there are 225 streets under the Selaiyur SRO, with guideline values ranging from Rs 850 to Rs 4,800 per sq.ft. The median value is Rs 2,725 per sq.ft, which matches the current guideline value of Bank Colony.

• Bharathi Vidyalaya Palli: Rs 2,725 per sq.ft (2024)
• Bajani Koil 1st -3rd Cross Street: Rs 1,600 per sq.ft (2024)
• Bharathiyar Street: Rs 2,200 per sq.ft (2024)
• Bajanai Koil Street: Rs 1,600 per sq.ft (2024)
• Bhavathara: Rs 1,300 per sq.ft (2024)
• Bollineni Hillside: Rs 2,725 per sq.ft (2024)

Stamp duty and registration fee for property in Bank Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,725 per sq.ft, the total guideline value would be Rs 27,25,000. The stamp duty at 7% would amount to Rs 1,90,750, and the registration fee at 2% would be Rs 54,500, bringing the total fees together to Rs 2,45,250. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bank Colony?

The Sub Registrar Office that covers Bank Colony is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

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

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bank Colony?

The current guideline value of Bank Colony is Rs 2,725 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,725 per sq.ft in 2024.

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

For a property valued at Rs 27,25,000, the stamp duty would be Rs 1,90,750, and the registration fee would be Rs 54,500, totaling Rs 2,45,250.

Which Sub Registrar Office is responsible for Bank Colony?

The Selaiyur Sub Registrar Office is responsible for Bank Colony, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

What is the land classification of Bank Colony?

Bank Colony is classified as Residential Special Type - I, which indicates its designation for residential use under the local regulations.