Guideline Value for Bank Colony 8th Street (Ward-3)

Bank Colony 8th Street (Ward-3) guideline value

The current guideline value of Bank Colony 8th Street (Ward-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 it falls under the Residential Class I Type - I land classification.

How the guideline value of Bank Colony 8th Street (Ward-3) has changed

The guideline value for Bank Colony 8th Street (Ward-3) has seen several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. In 2023, the value increased to Rs 2,000 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The guideline value then increased by 10% from 2023 to 2024. Overall, comparing the 2012 and 2024 figures, there has been a 10% increase.

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 8th Street (Ward-3) is above this median.

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

Stamp duty and registration fee for property in Bank Colony 8th Street (Ward-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, making the total cost 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.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Bank Colony 8th Street (Ward-3)?

The Sub Registrar Office that covers Bank Colony 8th Street (Ward-3) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on this value.

When engaging in property transactions, it is essential to be aware of the current guideline value, as it ensures compliance with local regulations and helps in accurately estimating the associated costs.

Frequently asked questions

What is the current guideline value of Bank Colony 8th Street (Ward-3)?

The current guideline value of Bank Colony 8th Street (Ward-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 of Bank Colony 8th Street (Ward-3)?

Bank Colony 8th Street (Ward-3) falls under the Residential Class I Type - I land classification.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For a 1,000 sq.ft plot, the total guideline value would be Rs 22,00,000.

Which office handles registrations for Bank Colony 8th Street (Ward-3)?

The Madhavaram Sub Registrar Office at No.7, Roja Nagar, Madhavaram, Chennai-600060 handles registrations for Bank Colony 8th Street (Ward-3).