Guideline Value for Colony Street

Colony Street guideline value

The current guideline value of Colony Street in Satthankadu village, under the Thiruvottiyur SRO, is Rs 3,400 per sq.ft, effective from 1 July 2024. This street is classified as Residential Special Type - III.

How the guideline value of Colony Street has changed

The guideline value for Colony Street has undergone several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 3,100 per sq.ft in 2012, marking a rise of 520%. However, it then saw a decrease to Rs 2,077 per sq.ft in 2017, a drop of 33%. Following this, the value rose again to Rs 3,100 per sq.ft in 2023, and subsequently increased to Rs 3,400 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available for the revisions in 2002 and 2003 for Colony Street. The overall change from 2007 to 2024 shows an increase of 580%, highlighting the fluctuations in the guideline value over the years.

Guideline values in Satthankadu

In Satthankadu, there are 71 streets under the Thiruvottiyur SRO that have a guideline value for 2024, ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median value is Rs 3,400 per sq.ft, which is equal to the guideline value of Colony Street.

• Damodaran Street: Rs 3,400 per sq.ft (2024)
• Chinna mettu palayam street: Rs 3,400 per sq.ft (2024)
• Chinna Mettu Palayam (Corner Plots): Rs 3,800 per sq.ft (2024)
• Chetty Street: Rs 3,400 per sq.ft (2024)
• Chairman Varadharajapuram: Rs 3,400 per sq.ft (2024)
• East Cabin Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Colony Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,400 per sq.ft, the total guideline value amounts to Rs 34,00,000. The stamp duty is calculated at 7%, resulting in Rs 2,38,000, while the registration fee at 2% amounts to Rs 68,000. Together, the total cost for stamp duty and registration fee is Rs 3,06,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Colony Street?

The Sub Registrar Office that covers Colony Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Satthankadu. It serves as the benchmark for calculating the stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This value is essential for both buyers and sellers to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Colony Street?

The current guideline value of Colony Street is Rs 3,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 500 per sq.ft in 2007 to Rs 3,400 per sq.ft in 2024, reflecting an overall increase of 580% over the years.

What is the land classification for Colony Street?

Colony Street is classified as Residential Special Type - III, which indicates its designated use for residential purposes.

What are the stamp duty and registration fees for property in Colony Street?

For a property valued at Rs 34,00,000, the stamp duty is Rs 2,38,000 and the registration fee is Rs 68,000, totaling Rs 3,06,000. These fees are based on the guideline value.

Where is the Sub Registrar Office for Colony Street located?

The Sub Registrar Office for Colony Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.