Guideline Value for Forest Colony

Forest Colony guideline value

The current guideline value of Forest Colony, located in Irumpuliyur village under the Tambaram Joint 1 SRO, is Rs 1,320 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - II land classification.

How the guideline value of Forest Colony has changed

The guideline value for Forest Colony has undergone several revisions over the years. In 2007, the value was Rs 600 per sq.ft, which increased to Rs 1,200 per sq.ft in 2012. However, it decreased to Rs 804 per sq.ft in 2017. Following this, the value saw a significant increase to Rs 1,200 per sq.ft in 2023, and further to Rs 1,320 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 120%. Notably, there are no figures available for the years 2002 and 2003 for this street in the register.

Guideline values in Irumpuliyur

In Irumpuliyur, there are 218 streets under the Tambaram Joint 1 SRO that carry a guideline value for 2024, ranging from Rs 880 to Rs 6,600 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Forest Colony is below this median.

• Ganapathipuram Cross Street(Ashok Nagar South): Rs 2,530 per sq.ft (2024)
• Ganapathipuram North Street: Rs 2,530 per sq.ft (2024)
• Ganapathipuram South Street: Rs 2,530 per sq.ft (2024)
• Erikarai Street: Rs 2,530 per sq.ft (2024)
• Gangai Street: Rs 2,200 per sq.ft (2024)
• Gayathiri Colony ( Gayathiri Nagar ): Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Forest Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Forest Colony?

The Sub Registrar Office that covers Forest Colony is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor during property transactions in Irumpuliyur, as it determines the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must refer to the guideline value to ensure compliance with local regulations and to calculate the necessary fees accurately.

When registering property, the guideline value serves as a benchmark for the minimum value at which the property can be sold. This ensures that the government receives appropriate revenue from property transactions based on established values.

Frequently asked questions

What is the current guideline value of Forest Colony?

The current guideline value of Forest Colony is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, showing an overall increase of 120% over this period.

What is the land classification for Forest Colony?

Forest Colony is classified as Residential Class I Type - II, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Forest Colony?

The Tambaram Joint 1 Sub Registrar Office covers Forest Colony, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the stamp duty calculated for properties in Forest Colony?

Stamp duty for properties in Forest Colony is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, there is a registration fee of 2% on the guideline value.