Guideline Value for EX-SERVICEMEN COLONY

Ex-Servicemen Colony guideline value

The current guideline value of Ex-Servicemen Colony is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - I.

How the guideline value of Ex-Servicemen Colony has changed

The guideline value for Ex-Servicemen Colony has seen several revisions over the years. The earliest recorded revision in 2002 set the guideline value at Rs 47 per sq.ft. This increased to Rs 100 per sq.ft in 2003, marking a significant rise of 113%. In 2007, the value further surged to Rs 400 per sq.ft, which was an increase of 300%. The 2012 revision brought the value back to Rs 1,500 per sq.ft, reflecting a decrease of 275% from the previous figure. In 2017, the value was set at Rs 1,005 per sq.ft, showing a decline of 33% from 2012. The 2023 revision raised it to Rs 1,500 per sq.ft, and the latest revision in 2024 has increased it to Rs 1,650 per sq.ft, which is a rise of 10% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 3411%. There are no figures available for revisions in the years not listed in the register for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which is equal to the current figure for Ex-Servicemen Colony.

• Ezhil Nagar: Rs 1,320 per sq.ft (2024)
• Esudian Street: Rs 1,320 per sq.ft (2024)
• Ganapathi Nagar (Extn.): Rs 1,650 per sq.ft (2024)
• Ganapathi Nagar / Ganapathi Synticate Colony: Rs 1,650 per sq.ft (2024)
• Ganapathipuram: Rs 1,650 per sq.ft (2024)
• Ganapathipuram 1st Main Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Ex-Servicemen Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total cost for these fees to Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Ex-Servicemen Colony?

The Sub Registrar Office that covers Ex-Servicemen Colony is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers often use this value to negotiate sale prices, ensuring that the property is not sold below the guideline value.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are recorded accurately and that the government receives the necessary revenue from property sales.

Frequently asked questions

What is the current guideline value of Ex-Servicemen Colony?

The current guideline value of Ex-Servicemen Colony is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 47 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 3411% over the years.

What is the land classification for Ex-Servicemen Colony?

Ex-Servicemen Colony is classified as Residential Class IV Type - I.

What is the registration office for Ex-Servicemen Colony?

The registration office for Ex-Servicemen Colony is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 16,50,000, leading to a stamp duty of Rs 1,15,500 and a registration fee of Rs 33,000.