Guideline Value for Bank Colony 3rd Street

Bank Colony 3rd Street guideline value

The current guideline value of Bank Colony 3rd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO and is classified as Commercial Class I Type - I.

How the guideline value of Bank Colony 3rd Street has changed

The guideline value for Bank Colony 3rd Street has undergone changes through various revisions. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, an increase from the previous figure of Rs 2,500 per sq.ft established in the 2012 revision. This represents a 10% increase from 2012 to 2024. The register has no figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

In summary, the only two revisions with figures for Bank Colony 3rd Street are from 2012 and 2024, showing a clear upward trend in the guideline value over this period.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, indicating that the guideline value of Bank Colony 3rd Street is above this median.

• Bank Colony 2nd Street: Rs 2,750 per sq.ft (2024)
• Bank Colony 1st Street: Rs 2,750 per sq.ft (2024)
• Bank Colony: 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 3rd 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 fees together to Rs 2,47,500. It is important to note that 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 3rd Street?

The Sub Registrar Office that covers Bank Colony 3rd 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 in the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property sales.

When a property is registered, the guideline value is taken into account to assess the applicable fees. Buyers should be aware that the stamp duty is charged based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Bank Colony 3rd Street?

The current guideline value of Bank Colony 3rd 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 has changed from Rs 2,500 per sq.ft in 2012 to Rs 2,750 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2023, 2017, 2007, 2003, and 2002 in the register.

What is the median guideline value in Madambakkam?

The median guideline value for streets in Madambakkam is Rs 2,400 per sq.ft. The guideline value for Bank Colony 3rd Street is above this median.

What are the stamp duty rates applicable in Bank Colony 3rd Street?

The stamp duty rate applicable in Bank Colony 3rd Street is 7% of the guideline value or sale price, whichever is higher. The registration fee is charged at 2%.

Where is the Sub Registrar Office for Bank Colony 3rd Street located?

The Sub Registrar Office for Bank Colony 3rd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.