Guideline Value for Durga Colony Extension

Durga Colony Extension guideline value

The current guideline value of Durga Colony Extension in Kolathur village is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Sembiam SRO and is classified as Residential Class I Type - I.

How the guideline value of Durga Colony Extension has changed

The guideline value for Durga Colony Extension has undergone several revisions over the years. In 2007, the guideline value was set at Rs 900 per sq.ft. This figure saw a significant increase in 2012, where it rose to Rs 3,000 per sq.ft, marking a change of +233%. The value remained unchanged at Rs 3,000 per sq.ft until the next revision in 2023, where it again did not change, maintaining the same rate.

The most recent revision in 2024 saw the guideline value increase to Rs 3,300 per sq.ft, reflecting a change of +10% from the previous year. Overall, from 2007 to 2024, the guideline value has increased by +267%.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the guideline value of Durga Colony Extension.

• Durga Colony: Rs 3,300 per sq.ft (2024)
• Duraisamy Street: Rs 3,300 per sq.ft (2024)
• Durga Nagar: Rs 3,300 per sq.ft (2024)
• Duraimugam Colony: Rs 4,400 per sq.ft (2024)
• East Railway Gate: Rs 2,700 per sq.ft (2024)
• East Railway Gate Cross Lane: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Durga Colony Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Durga Colony Extension?

The Sub Registrar Office that covers Durga Colony Extension is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions in Kolathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Durga Colony Extension?

The current guideline value of Durga Colony Extension is Rs 3,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 900 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of +267%.

What is the land classification for Durga Colony Extension?

Durga Colony Extension is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles registrations for properties in the Kolathur area.

How is the stamp duty calculated in Kolathur?

Stamp duty in Kolathur is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.