Guideline Value for Colony Street

Colony Street guideline value

The current guideline value of Colony Street in Kilkattalai village is Rs 1,080 per sq.ft, effective from 1 July 2024. This street falls under the Pallavaram SRO and is classified as Residential Class IV Type - III.

How the guideline value of Colony Street has changed

Since the 2003 revision, the guideline value for Colony Street has seen significant changes. In 2003, the value was Rs 209 per sq.ft, which increased to Rs 300 per sq.ft in 2007, marking a 44% rise. The value then jumped to Rs 1,000 per sq.ft in 2012, reflecting a substantial increase of 233%. However, it decreased to Rs 670 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 1,000 per sq.ft in 2023, and most recently, it increased by 8% to reach Rs 1,080 per sq.ft in 2024.

The register does not have a figure for Colony Street for the year 2002. Overall, from 2003 to 2024, the guideline value has increased by 417%.

Guideline values in Kilkattalai

In Kilkattalai, there are 194 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,080 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,530 per sq.ft, making the guideline value of Colony Street below that median.

• Cmrd Road: Rs 3,300 per sq.ft (2024)
• Crystal Court: Rs 2,530 per sq.ft (2024)
• Chittheri Quarters: Rs 2,160 per sq.ft (2024)
• Devanderan Nagar: Rs 2,160 per sq.ft (2024)
• Chelliyamman Koil Street(Sivan Koil Street): Rs 1,980 per sq.ft (2024)
• Chelliamman Koil St, Yasodha Nagar: Rs 1,980 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 1,080 per sq.ft, the total guideline value amounts to Rs 10,80,000. The stamp duty at 7% would be Rs 75,600, and the registration fee at 2% would be Rs 21,600, leading to a total cost of Rs 97,200. It's important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Colony Street?

The Sub Registrar Office that covers Colony Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kilkattalai. It serves as a benchmark for determining the minimum value at which property transactions can be registered. Buyers and sellers must be aware that the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a value that reflects the official rates set by the government. This helps maintain transparency in property transactions and ensures that the appropriate taxes are collected by the state.

Frequently asked questions

What is the current guideline value of Colony Street?

The current guideline value of Colony Street is Rs 1,080 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 209 per sq.ft in 2003 to Rs 1,080 per sq.ft in 2024, reflecting an overall increase of 417% over this period.

What is the land classification for Colony Street?

Colony Street is classified as Residential Class IV Type - III, indicating its suitability for residential development.

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

The Sub Registrar Office for Colony Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 1,080 per sq.ft incurs a total guideline value of Rs 10,80,000, leading to specific fees based on this value.