Guideline Value for Bank Colony 4th st ( Ward No.3 )

Bank Colony 4th st ( Ward No.3 ) guideline value

The current guideline value for Bank Colony 4th 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 4th st ( Ward No.3 ) has changed

The guideline value for Bank Colony 4th st has seen several revisions over the years. The earliest recorded revision was in 2012, with a guideline value of Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value then increased to Rs 2,000 per sq.ft in the 2023 revision, and finally rose to Rs 2,200 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2012 to 2017, the value decreased by 33%, while it increased by 49% from 2017 to 2023. Overall, from 2012 to 2024, there has been a 10% increase in the guideline value. 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 that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Bank Colony 4th st above this median.

• Bank Colony 3rd 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 3rd st Extn ( Ward No.4 ): Rs 2,200 per sq.ft (2024)
• Bank Colony 6th 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 7th Street (Ward-3): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bank Colony 4th 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 be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to 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 accurate calculations.

Which Sub Registrar Office covers Bank Colony 4th st ( Ward No.3 )?

The Sub Registrar Office that covers Bank Colony 4th 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 during the registration of property transactions in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Bank Colony 4th st ( Ward No.3 )?

The current guideline value for Bank Colony 4th 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 4th st?

Bank Colony 4th st is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

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

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

Where is the Sub Registrar Office for Bank Colony 4th st located?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060, and it handles the registration for this area.