Guideline Value for COLLECTORATE COLONY MAIN ROAD

Collectorate Colony Main Road guideline value

The current guideline value of Collectorate Colony Main Road is Rs 6,600 per sq.ft, effective from 1 July 2024. This road is located in Arumbakkam village under the Kodambakkam SRO, classified as Residential Special Type - I.

How the guideline value of Collectorate Colony Main Road has changed

The guideline value for Collectorate Colony Main Road has seen several revisions over the years. In the 2007 revision, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 4,020 per sq.ft in 2017. The 2023 revision saw the value rise to Rs 6,000 per sq.ft, and the latest 2024 revision has set it at Rs 6,600 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 340%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value is Rs 6,000 per sq.ft, placing the 2024 figure for Collectorate Colony Main Road above this median.

• Collectorate Colony IV Th Cross Street: Rs 6,600 per sq.ft (2024)
• Collectorate Colony VI Th Cross Street: Rs 6,600 per sq.ft (2024)
• Collectorate Colony I St Cross Street: Rs 6,600 per sq.ft (2024)
• Collectorate Colony V Th Cross Street: Rs 6,600 per sq.ft (2024)
• Collectorate Colony II Nd Cross Street: Rs 6,600 per sq.ft (2024)
• Collectorate Colony III Rd Cross Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Collectorate Colony Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, totaling Rs 5,94,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Collectorate Colony Main Road?

The Sub Registrar Office that covers Collectorate Colony Main Road is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Arumbakkam. It helps determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the government records.

When a property is sold, the guideline value serves as a baseline for calculating the applicable taxes. Buyers should be aware that the stamp duty is charged on either the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Collectorate Colony Main Road?

The current guideline value for Collectorate Colony Main Road is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 340% over the years.

What are the stamp duty rates for properties in Collectorate Colony Main Road?

The stamp duty for properties in Collectorate Colony Main Road is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Collectorate Colony Main Road?

The Sub Registrar Office for Collectorate Colony Main Road is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

What is the land classification for Collectorate Colony Main Road?

Collectorate Colony Main Road is classified as Residential Special Type - I, which indicates its intended use for residential purposes.