Guideline Value for Colony street

Colony street guideline value

The current guideline value of Colony street in Ernavur village, under the Thiruvottiyur SRO, is Rs 1,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - III land classification.

How the guideline value of Colony street has changed

The guideline value of Colony street has undergone several revisions over the years. Starting from Rs 124 per sq.ft in 2002, the value increased to Rs 250 per sq.ft in 2007, marking a significant rise of 102%. In 2012, the value was revised to Rs 1,300 per sq.ft, but this represented a decrease of 33% from the previous revision. The next revision in 2017 saw a notable increase to Rs 871 per sq.ft, which was a 49% rise. The 2023 revision set the value at Rs 1,300 per sq.ft, before the latest increase to Rs 1,400 per sq.ft in 2024, reflecting an 8% change.

It is important to note that the register has no figure for Colony street in 2003. Overall, from 2002 to 2024, the guideline value has increased by 1029%.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 7,300 per sq.ft, with a median value of Rs 1,600 per sq.ft. Colony street's 2024 guideline value is below this median.

• Chinna Ernavoor (Corner plots): Rs 3,300 per sq.ft (2024)
• Brindavan Nagar: Rs 1,600 per sq.ft (2024)
• Brinadavan Nagar Extension: Rs 1,600 per sq.ft (2024)
• Dr.Kalaignar Nagar: Rs 2,400 per sq.ft (2024)
• Dr.Kalaignar Nagar (Corner Plots): Rs 3,300 per sq.ft (2024)
• Ellaiamman Koil Street: Rs 1,400 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 1,400 per sq.ft, the total guideline value amounts to Rs 14,00,000. The stamp duty at 7% would be Rs 98,000, and the registration fee at 2% would be Rs 28,000, bringing the total cost to Rs 1,26,000. 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 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 details.

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

The guideline value is a crucial factor during the registration process of property transactions in Ernavur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs involved in the transfer of property ownership. This ensures that both the buyer and seller comply with the legal requirements set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Colony street?

The current guideline value of Colony street in Ernavur village is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Colony street has changed from Rs 124 per sq.ft in 2002 to Rs 1,400 per sq.ft in 2024, marking an overall increase of 1029% over the years.

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

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 14,00,000. The stamp duty would be Rs 98,000, and the registration fee would be Rs 28,000, totaling Rs 1,26,000.

Which Sub Registrar Office covers Colony street?

The Thiruvottiyur Sub Registrar Office covers Colony street, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the land classification of Colony street?

Colony street is classified as Residential Class I Type - III, which indicates its designation for residential purposes within the locality.