Guideline Value for Bank of India Colony

Bank of India Colony guideline value

The current guideline value of Bank of India Colony is Rs 7,000 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village under the Ashok Nagar Sub Registrar Office (SRO). The land classification for this street is Residential Special Type - III.

How the guideline value of Bank of India Colony has changed

The guideline value for Bank of India Colony has seen several revisions over the years. In 2007, the guideline value was Rs 1,860 per sq.ft. This figure increased significantly to Rs 6,500 per sq.ft in 2012, marking a rise of 249%. However, it then decreased to Rs 4,355 per sq.ft in 2017, reflecting a decline of 33%. The value then rose again to Rs 6,500 per sq.ft in 2023, which was a 49% increase from the previous revision. The latest revision in 2024 has set the guideline value at Rs 7,000 per sq.ft, an increase of 8% from 2023.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 276%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO with a 2024 guideline value range from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing the Bank of India Colony's 2024 figure above that median.

• Bank of Baroda Colony: Rs 7,600 per sq.ft (2024)
• Balasubramaniam Street (Sunday Observer): Rs 4,900 per sq.ft (2024)
• Balasubramaniam Street (JPT) VOC Block: Rs 4,100 per sq.ft (2024)
• Baskaran Street: Rs 4,900 per sq.ft (2024)
• Balakrishnan Street (W.M): Rs 7,700 per sq.ft (2024)
• Balakrishnan Street (VOC Block): Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Bank of India Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,000 per sq.ft, the total guideline value amounts to Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total costs together to Rs 6,30,000. 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 more details.

Which Sub Registrar Office covers Bank of India Colony?

The Bank of India Colony falls under the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives the appropriate stamp duty and registration fees.

When a property is sold, the sale price cannot be lower than the guideline value. This means that buyers and sellers must be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Bank of India Colony?

The current guideline value of Bank of India Colony is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,860 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, showing a total increase of 276% over the years.

What is the land classification of Bank of India Colony?

The land classification for Bank of India Colony is Residential Special Type - III.

Where can I find the registration office for Bank of India Colony?

The Ashok Nagar Sub Registrar Office, which covers Bank of India Colony, is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Bank of India Colony?

The stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 70,00,000 would incur a stamp duty of Rs 4,90,000.