Guideline Value for DIMOND COLONY

Dimond Colony guideline value

The current guideline value of Dimond Colony, located in Vengaivasal village under the Selaiyur SRO, is Rs 2,700 per sq.ft, effective from the 2024 revision starting 1 July 2024. The land classification for this area is Mixed Type - II.

How the guideline value of Dimond Colony has changed

Over the years, the guideline value of Dimond Colony has seen several revisions. The earliest recorded figure is from 2012, where the guideline value was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, reflecting a rise of 49%. The most recent revision in 2024 has set the guideline value at Rs 2,700 per sq.ft, which is an 8% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Vengaivasal

In Vengaivasal, there are 117 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 850 to Rs 4,800 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, which aligns with the current guideline value of Dimond Colony.

• Dhuraisamy Nagar: Rs 2,700 per sq.ft (2024)
• Devendran Nagar: Rs 3,800 per sq.ft (2024)
• Casagrand Zenith Phase-I: Rs 3,200 per sq.ft (2024)
• Gandhi Nagar: Rs 2,700 per sq.ft (2024)
• Gandhi Nagar Extension: Rs 2,700 per sq.ft (2024)
• Bogar Avenue: Rs 2,730 per sq.ft (2024)

Stamp duty and registration fee for property in Dimond Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total charges to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Dimond Colony?

The Sub Registrar Office that covers Dimond Colony is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Vengaivasal. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that the guideline value may differ from the actual sale price, and the duty is charged on whichever is higher.

When registering a property, the guideline value ensures that the transaction is recorded at a fair price, reflecting the current market conditions as set by the Registration Department. This helps in maintaining transparency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Dimond Colony?

The current guideline value of Dimond Colony is Rs 2,700 per sq.ft, effective from the 2024 revision starting 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then increased to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification of Dimond Colony?

The land classification for Dimond Colony is Mixed Type - II, which indicates the type of development and usage permitted in the area.

What are the stamp duty rates for property in Dimond Colony?

The stamp duty for property transactions in Dimond Colony is charged at 7% of the guideline value or sale price, whichever is higher. Additionally, there is a registration fee of 2%.

Where is the Sub Registrar Office for Dimond Colony located?

The Selaiyur Sub Registrar Office, which covers Dimond Colony, is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.