Guideline Value for Colony Street

Colony Street guideline value

The current guideline value of Colony Street in Vadakal village, under the Sriperumpudur SRO, is Rs 150 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Colony Street has changed

Looking at the historical revisions, the guideline value for Colony Street was Rs 150 per sq.ft in 2023, which remained unchanged in the 2024 revision. Prior to that, in 2017, the value was Rs 100 per sq.ft, reflecting a 50% increase when compared to the 2017 figure.

The 2012 revision also recorded a guideline value of Rs 150 per sq.ft, indicating a decrease of 33% from the previous value in 2017. Overall, from 2012 to 2024, the guideline value has remained constant at Rs 150 per sq.ft, with no figures available for the revisions in 2002, 2003, and 2007.

Guideline values in Vadakal

In Vadakal village, there are 31 streets under the Sriperumpudur SRO that carry a 2024 guideline value ranging from Rs 150 to Rs 800 per sq.ft, with a median value of Rs 300 per sq.ft. Colony Street's current guideline value is below this median.

• Bajanai Koil Street: Rs 300 per sq.ft (2024)
• Ganesh Nagar: Rs 500 per sq.ft (2024)
• Arabindo Nagar: Rs 200 per sq.ft (2024)
• Green Housing Phase - III: Rs 300 per sq.ft (2024)
• Green Park: Rs 300 per sq.ft (2024)
• Amsaveni Nagar: Rs 400 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 150 per sq.ft, the total guideline value would be Rs 1,50,000. The stamp duty at 7% would amount to Rs 10,500, and the registration fee at 2% would be Rs 3,000, bringing the total fees to Rs 13,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Colony Street?

The Sub Registrar Office that covers Colony Street is the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property, as it determines the official value of the property for registration purposes. This value is used to calculate stamp duty and registration fees, ensuring that the transaction is properly documented and taxed.

When a property is sold, the guideline value serves as a reference point to ensure that the sale price is in line with the official valuation. This helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value for Colony Street?

The current guideline value for Colony Street is Rs 150 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Colony Street has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 150 per sq.ft, unchanged from 2023. The value was Rs 100 per sq.ft in 2017, and Rs 150 per sq.ft in 2012.

What are the other streets in Vadakal and their guideline values?

In Vadakal, there are several other streets with varying guideline values. For example, Bajanai Koil Street is valued at Rs 300 per sq.ft, while Ganesh Nagar is at Rs 500 per sq.ft.

How is stamp duty calculated for properties in Colony Street?

Stamp duty for properties in Colony Street is calculated based on the guideline value or the sale price, whichever is higher. For a plot valued at Rs 1,50,000, the stamp duty would be Rs 10,500 at a rate of 7%.

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

The Sub Registrar Office for Colony Street is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. This office handles the registration of property transactions in the area.