Guideline Value for BISHOP COLONY

Bishop Colony guideline value

The current guideline value of Bishop Colony, located in Paruthipattu village under the Avadi SRO, is Rs 950 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Bishop Colony has changed

In the 2012 revision, the guideline value was set at Rs 900 per sq.ft. This figure remained unchanged until the 2017 revision, where it decreased to Rs 603 per sq.ft, marking a significant drop of 33%. The value then saw a substantial increase to Rs 900 per sq.ft in the 2023 revision, reflecting a rise of 49%. Finally, the current 2024 revision established the guideline value at Rs 950 per sq.ft, which is a 6% increase from the previous year.

There are no registered figures for the years 2002, 2003, and 2007 for Bishop Colony. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 6%.

Guideline values in Paruthipattu

In Paruthipattu, there are 486 streets under the Avadi SRO that carry a 2024 guideline value ranging from Rs 801 to Rs 4,730 per sq.ft, with a median value of Rs 1,625 per sq.ft. The guideline value of Bishop Colony is below this median.

• Bharathiyar St: Rs 1,625 per sq.ft (2024)
• Buddhar Street Kamarajar Nagar: Rs 1,625 per sq.ft (2024)
• Bharathi St: Rs 1,625 per sq.ft (2024)
• Camp Road Reddypalayam: Rs 950 per sq.ft (2024)
• Camp Tonakala Road: Rs 950 per sq.ft (2024)
• Canopus Magha: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Bishop Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 950 per sq.ft, the total guideline value would be Rs 9,50,000. The stamp duty at 7% would amount to Rs 66,500, and the registration fee at 2% would be Rs 19,000, bringing the total fees together to Rs 85,500. It is important to note that 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 specific calculations.

Which Sub Registrar Office covers Bishop Colony?

The Sub Registrar Office that covers Bishop Colony is the Avadi Sub Registrar Office, located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Paruthipattu. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that all transactions are recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees, which are essential costs in the property transaction process. Buyers should be aware that these fees are based on the higher of the guideline value or the sale price, impacting the overall cost of purchasing property.

Frequently asked questions

What is the current guideline value of Bishop Colony?

The current guideline value of Bishop Colony is Rs 950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then to Rs 900 per sq.ft in 2023, and finally to Rs 950 per sq.ft in 2024.

What is the land classification for Bishop Colony?

Bishop Colony is classified as Residential Class II Type - I.

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

For a property valued at Rs 9,50,000, the stamp duty would be Rs 66,500, and the registration fee would be Rs 19,000, totaling Rs 85,500.

Where is the Sub Registrar Office located for Bishop Colony?

The Avadi Sub Registrar Office is located at Plot No.145, Vii Street, Modern City, Thandurai Village, Avadi Taluk, Tiruvallur District, Chennai registration zone.