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

Bank Colony 3rd st ( Ward No.3 ) guideline value

The current guideline value for Bank Colony 3rd 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, classified as Residential Class I Type - I.

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

The guideline value for Bank Colony 3rd st ( Ward No.3 ) has undergone several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following that, it increased significantly to Rs 2,000 per sq.ft in 2023, and then further rose to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. The overall change from the 2012 revision to the 2024 revision shows a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft as of 2024. The median guideline value in this area is Rs 1,600 per sq.ft, placing Bank Colony 3rd st ( Ward No.3 ) above that median.

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

For a property measuring 1,000 sq.ft 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 fees to Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers Bank Colony 3rd 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 registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be sold or purchased, ensuring that the transaction is recorded accurately in the official registry.

When you buy or sell property, the stamp duty and registration fees are calculated based on the guideline value or the actual 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 3rd st ( Ward No.3 )?

The current guideline value of Bank Colony 3rd 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 to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Bank Colony 3rd st ( Ward No.3 )?

Bank Colony 3rd st ( Ward No.3 ) is classified as Residential Class I Type - I.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.

Where can I find the Sub Registrar Office for Bank Colony 3rd st ( Ward No.3 )?

The Madhavaram Sub Registrar Office, which covers Bank Colony 3rd st ( Ward No.3 ), is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.