Guideline Value for Co-operative Housing Society Colony

Co-operative Housing Society Colony guideline value

The current guideline value of Co-operative Housing Society Colony is Rs 5,500 per sq.ft, effective from 1 July 2024. This area is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this colony is Residential Class II Type - I.

How the guideline value of Co-operative Housing Society Colony has changed

The guideline value for Co-operative Housing Society Colony has seen several revisions over the years. The earliest recorded figure is from 2002, with a guideline value of Rs 385 per sq.ft. This value increased to Rs 427 per sq.ft in 2003, marking an 11% rise. By 2007, the guideline value jumped significantly to Rs 750 per sq.ft, reflecting a 76% increase. The value continued to rise to Rs 5,000 per sq.ft in 2012, which was a 567% increase from the previous revision. However, it dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 5,000 per sq.ft in 2023, followed by a final increase to Rs 5,500 per sq.ft in 2024, which is a 10% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1329%. It is important to note that there are no recorded figures for the years not mentioned in this summary.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Co-operative Housing Society Colony above this median value.

• C.R. Ramakrishnapuram Phase 2, 1st Street: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase 2, 2nd Street: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase 3: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase 4: Rs 5,500 per sq.ft (2024)
• C.R. Ramakrishnapuram Phase I: Rs 5,500 per sq.ft (2024)
• Boopathi Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Co-operative Housing Society Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty, charged at 7%, would be Rs 3,85,000, and the registration fee, charged at 2%, would be Rs 1,10,000. Together, the total cost for these fees would be Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Co-operative Housing Society Colony?

The Co-operative Housing Society Colony falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Virugambakkam. It is used to determine the minimum value at which a property can be registered. When buying or selling property, the guideline value helps ensure that the transaction is recorded accurately in the official registry.

Additionally, the guideline value influences the stamp duty and registration fees that buyers must pay during the registration process. Buyers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value for Co-operative Housing Society Colony?

The current guideline value for Co-operative Housing Society Colony is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 385 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1329% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which office handles property registration for Co-operative Housing Society Colony?

The Virugambakkam Sub Registrar Office handles property registration for Co-operative Housing Society Colony, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value in Virugambakkam?

The median guideline value for streets in Virugambakkam is Rs 4,400 per sq.ft, with Co-operative Housing Society Colony's value being above this median.