Guideline Value for Bank of Baroda Colony Extn

Bank of Baroda Colony Extn guideline value

The current guideline value for Bank of Baroda Colony Extn is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Madipakkam-1 village under the Velacheri SRO and falls under the Residential Class II Type - I land classification.

How the guideline value of Bank of Baroda Colony Extn has changed

In the 2023 revision, the guideline value was Rs 2,000 per sq.ft. The increase from 2023 to 2024 is 10%, bringing the current value to Rs 2,200 per sq.ft. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

The guideline value has seen a consistent increase in recent revisions, with the 2024 figure reflecting the latest adjustments. The previous figure of Rs 2,000 per sq.ft in 2023 marked a notable change, highlighting the evolving property landscape in this area.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, positioning Bank of Baroda Colony Extn below this median.

• Bank of Baroda Colony: Rs 2,200 per sq.ft (2024)
• Bank of Baroda Colony Main Road: Rs 2,200 per sq.ft (2024)
• Bank of Baroda Colony, Sethupathy Nagar: Rs 2,200 per sq.ft (2024)
• Banu Ayya Garden: Rs 2,200 per sq.ft (2024)
• B.A. Natarajan Street: Rs 2,750 per sq.ft (2024)
• Barathiar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Bank of Baroda Colony Extn

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to 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, totaling Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Bank of Baroda Colony Extn?

The Sub Registrar Office that covers Bank of Baroda Colony Extn is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which properties can be registered. When buying or selling property in Madipakkam-1, the guideline value is used to calculate applicable stamp duty and registration fees, ensuring compliance with local regulations.

Additionally, the guideline value serves as a reference point for buyers and sellers to understand property pricing in the area. It is essential to consider this value when negotiating sale prices to ensure that all financial obligations are met during the registration process.

Frequently asked questions

What is the current guideline value for Bank of Baroda Colony Extn?

The current guideline value for Bank of Baroda Colony Extn 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 increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. The guideline value for Bank of Baroda Colony Extn is below this median.

What are the stamp duty rates for property transactions?

The stamp duty rate for property transactions is 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2% applicable.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. This office handles registrations for properties in Bank of Baroda Colony Extn and surrounding areas.