Guideline Value for Colony Street

Colony Street guideline value

The current guideline value of Colony Street in Papanguzhi village, under the Sunguvarchattram SRO, is Rs 200 per sq.ft, effective from 1 July 2024. This classification falls under Residential Class I Type - I.

How the guideline value of Colony Street has changed

Looking back at the revisions, the guideline value for Colony Street was Rs 200 per sq.ft in 2012, which remained unchanged at Rs 200 per sq.ft in the 2023 revision. The 2017 revision saw a significant increase to Rs 134 per sq.ft, marking a 49% rise from the previous revision. It is important to note that the register has no figure for this street in the years 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, but overall, from 2012 to 2024, there has been no change, maintaining the guideline value at Rs 200 per sq.ft. The 2024 revision thus reflects a consistent valuation since 2012, despite the fluctuations in earlier years.

Guideline values in Papanguzhi

In Papanguzhi, there are 9 streets under the Sunguvarchattram SRO that have a 2024 guideline value ranging from Rs 200 to Rs 500 per sq.ft. Colony Street's 2024 figure of Rs 200 per sq.ft aligns with the median value of Rs 200 per sq.ft for the village.

• Bajanai Koil Street: Rs 200 per sq.ft (2024)
• odai Street: Rs 300 per sq.ft (2024)
• padasalai Street: Rs 200 per sq.ft (2024)
• Palla Street: Rs 200 per sq.ft (2024)
• Perumal Kovil Street: Rs 200 per sq.ft (2024)
• P.M.S Nagar: Rs 300 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 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total to Rs 18,000. It is 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 Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Papanguzhi. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that both the buyer and seller are aware of the financial obligations involved in the transaction. It is essential to refer to the latest guideline values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value for Colony Street?

The current guideline value for Colony Street is Rs 200 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 notable revisions in 2012, 2017, 2023, and 2024. The value remained at Rs 200 per sq.ft from 2012 to 2024, despite fluctuations in earlier revisions.

Which office handles the registration for Colony Street?

The registration for Colony Street is handled by the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.

What are the stamp duty rates applicable in Papanguzhi?

The stamp duty rate in Papanguzhi is 7% of the guideline value, while the registration fee is 2%. These rates apply to the higher of the guideline value or the sale price during property transactions.

Are there other streets with different guideline values in Papanguzhi?

Yes, there are other streets in Papanguzhi with varying guideline values. The values range from Rs 200 to Rs 500 per sq.ft, with Colony Street's value being Rs 200 per sq.ft, which is equal to the median value for the village.