Guideline Value for Binny Colony

Binny Colony guideline value

The current guideline value of Binny Colony, located in Madhavaram village under the Madhavaram SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class III Type - I.

How the guideline value of Binny Colony has changed

The guideline value for Binny Colony has undergone revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft. From 2012 to the 2024 revision, there has been an increase of 8%, bringing the current value to Rs 1,300 per sq.ft. The register has no figures for the years 2003, 2007, 2017, and 2023.

Prior to the 2012 revision, there were no figures available for the years 2002, 2003, 2007, 2017, and 2023. The 2024 revision reflects the most recent update in the guideline value 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 value for these streets is Rs 1,600 per sq.ft, indicating that the guideline value for Binny Colony is below this median.

• Binny Nagar Cross st (Ward No.4): Rs 1,300 per sq.ft (2024)
• Binny Nagar Main Rd (Ward No.4): Rs 1,300 per sq.ft (2024)
• Big Street (Periya Salai): Rs 2,200 per sq.ft (2024)
• Bishop Esra Nagar: Rs 1,300 per sq.ft (2024)
• Bhavani Nagar (Ward-01): Rs 1,300 per sq.ft (2024)
• Bhavani Nagar, Lakshmipuram (Ward-26): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Binny Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Binny Colony?

The Sub Registrar Office covering Binny Colony is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, in the Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Madhavaram. When you buy or sell property, the guideline value is used to determine the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is essential to understand that the guideline value is set by the Registration Department and reflects the minimum value for property transactions in the area. Buyers and sellers should be aware of the guideline value to ensure compliance with legal requirements during property registration.

Frequently asked questions

What is the current guideline value of Binny Colony?

The current guideline value of Binny Colony is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value increased from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase over this period.

Are there any years with no guideline value for Binny Colony?

Yes, the register has no figures for Binny Colony for the years 2003, 2007, 2017, and 2023.

What is the median guideline value for streets in Madhavaram?

The median guideline value for streets in Madhavaram is Rs 1,600 per sq.ft, while Binny Colony's value is below this median.

Where can I find the Sub Registrar Office for Binny Colony?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find more details by visiting the appropriate link.