Guideline Value for Bank Colony Extension - I

Bank Colony Extension - I guideline value

The current guideline value for Bank Colony Extension - I is Rs 2,200 per sq.ft, effective from 1 July 2024. This area 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 Extension - I has changed

The guideline value for Bank Colony Extension - I has seen several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017. However, from 2017 to 2023, the value increased significantly to Rs 2,000 per sq.ft, and then to Rs 2,200 per sq.ft in the 2024 revision.

In terms of percentage changes, the guideline value rose by 49% from 2017 to 2023 and then by 10% from 2023 to 2024. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not provide 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 have 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 Extension - I is above this median.

• Bank Colony 8th Street (Ward-3): Rs 2,200 per sq.ft (2024)
• Bank Colony 7th Street (Ward-3): 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 Extension - I

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 or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Bank Colony Extension - I?

The Sub Registrar Office that covers Bank Colony Extension - I is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process for property transactions in Madhavaram. It serves as a benchmark for assessing the value of the property being sold or purchased, ensuring that the transaction is recorded accurately in the official registers.

When a property is registered, the guideline value helps determine the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction, based on the established guideline values.

Frequently asked questions

What is the current guideline value for Bank Colony Extension - I?

The current guideline value for Bank Colony Extension - I 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 Extension - I?

Bank Colony Extension - I is classified as Residential Class I Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.