Guideline Value for CUSTOMS COLONY

Customs Colony guideline value

The current guideline value of Customs Colony, located in Saidapet village under the Chennai South Joint II SRO, is Rs 4,950 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class II Type - I.

How the guideline value of Customs Colony has changed

The guideline value for Customs Colony has seen significant changes over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 580 per sq.ft. This increased to Rs 726 per sq.ft in 2003, marking a 25% rise. The value then rose to Rs 1,100 per sq.ft in 2007, which was a substantial increase of 52%. Following this, the 2012 revision saw the value drop to Rs 4,500 per sq.ft, a decrease of 33% from the previous figure.

In 2017, the guideline value rose again to Rs 3,015 per sq.ft, reflecting a 49% increase. The most recent revisions include Rs 4,500 per sq.ft in 2023 and the current value of Rs 4,950 per sq.ft in 2024, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 753%.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Customs Colony's 2024 figure above this median.

• Deewan Bashyam Garden Street: Rs 4,400 per sq.ft (2024)
• Deewan Bashyam Iyengar Street: Rs 4,400 per sq.ft (2024)
• Devu Naidu Street: Rs 3,300 per sq.ft (2024)
• Dhanasekaran Street (Raja Naicken G): Rs 4,400 per sq.ft (2024)
• Chinnammal Street: Rs 3,300 per sq.ft (2024)
• Chetty Thottam Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Customs Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Customs Colony?

The Customs Colony area falls under the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. To find your SRO, you can visit find your SRO.

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

When buying or selling property in Saidapet, the guideline value is used as a benchmark for determining the stamp duty and registration fees. This value is crucial during the registration process, as it helps to establish the official value of the property being transacted.

It is essential for buyers and sellers to be aware of the guideline value, as it directly impacts the costs associated with property transactions. Ensuring that the property is registered at the correct guideline value can prevent potential legal issues in the future.

Frequently asked questions

What is the current guideline value of Customs Colony?

The current guideline value of Customs Colony is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 580 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 753% over the years.

What is the land classification for Customs Colony?

The land classification for Customs Colony is Residential Class II Type - I.

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

The Sub Registrar Office covering Customs Colony is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in Customs Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 49,50,000 would incur a stamp duty of Rs 3,46,500 at 7%.