Guideline Value for Bank Colony 2nd st ( Ward No.3 )

Bank Colony 2nd st ( Ward No.3 ) guideline value

The current guideline value of Bank Colony 2nd st ( Ward No.3 ) is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Bank Colony 2nd st ( Ward No.3 ) has changed

The guideline value for Bank Colony 2nd st has seen several revisions over the years. In the 2012 revision, the value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in the 2017 revision. This marked a decrease of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, an increase of 10% from the previous year.

The register does not have figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Bank Colony 2nd st is above this median.

• Bank Colony 1st st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 3rd st Extn ( Ward No.4 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 3rd st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 4th st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 5th st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 6th st ( Ward No.3 ): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bank Colony 2nd st ( Ward No.3 )

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Bank Colony 2nd st ( Ward No.3 )?

The Sub Registrar Office that covers Bank Colony 2nd st ( Ward No.3 ) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram. It serves as the benchmark for determining the stamp duty and registration fees that need to be paid during the transaction process.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that both buyers and sellers are aware of the financial implications involved in property transactions.

Frequently asked questions

What is the current guideline value of Bank Colony 2nd st ( Ward No.3 )?

The current guideline value of Bank Colony 2nd st ( Ward No.3 ) is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration of properties in Bank Colony 2nd st?

The Madhavaram Sub Registrar Office is responsible for handling property registrations in Bank Colony 2nd st ( Ward No.3 ).

What is the land classification for Bank Colony 2nd st?

Bank Colony 2nd st is classified as Residential Class I Type - I, indicating its designation for residential use.