Guideline Value for Bank Colony 1st Street

Bank Colony 1st Street guideline value

The current guideline value of Bank Colony 1st Street is Rs 2,750 per sq.ft. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - I.

How the guideline value of Bank Colony 1st Street has changed

The guideline value for Bank Colony 1st Street was last revised in 2024, where it increased to Rs 2,750 per sq.ft from Rs 2,500 per sq.ft in the 2012 revision. This represents a change of +10% over the 12-year period. The register has no figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

In summary, the only two revisions available for Bank Colony 1st Street are from 2012 and 2024, with the 2024 figure being higher than the previous one.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value for these streets is Rs 2,400 per sq.ft, placing Bank Colony 1st Street's 2024 figure above that median.

• Bank Colony 2nd Street: Rs 2,750 per sq.ft (2024)
• Bank Colony: Rs 2,750 per sq.ft (2024)
• Bank Colony 3rd Street: Rs 2,750 per sq.ft (2024)
• Balaji Nagar West Main Road: Rs 2,200 per sq.ft (2024)
• Balaji Nagar East Main Road: Rs 2,200 per sq.ft (2024)
• Balaji Nagar 8th Street Malligai Iniya Illam: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bank Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000, bringing the total cost together to Rs 2,47,500. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bank Colony 1st Street?

The Sub Registrar Office that covers Bank Colony 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp 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 Madambakkam

The guideline value is a crucial factor when buying or selling property in Madambakkam, as it determines the minimum value at which a property can be registered. This value is set by the Registration Department and is regularly revised to reflect market conditions.

When a property is sold, 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 appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Bank Colony 1st Street?

The current guideline value of Bank Colony 1st Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 2,500 per sq.ft in 2012 to Rs 2,750 per sq.ft in 2024, which is a +10% change. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002.

What is the median guideline value in Madambakkam?

The median guideline value for streets in Madambakkam is Rs 2,400 per sq.ft. Bank Colony 1st Street's 2024 figure of Rs 2,750 per sq.ft is above this median.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for Bank Colony 1st Street?

The Selaiyur Sub Registrar Office covers Bank Colony 1st Street, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.