Guideline Value for George Colony

George Colony guideline value

The current guideline value of George Colony, located in Peravallur village under the Sembiam SRO, is Rs 4,200 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - I.

How the guideline value of George Colony has changed

The guideline value for George Colony has seen significant changes over the years. In the 2002 revision, the value was Rs 325 per sq.ft. This figure increased to Rs 449 per sq.ft in 2003, marking a rise of 38%. The 2007 revision saw a substantial jump to Rs 800 per sq.ft, an increase of 78%. Following that, the value surged dramatically to Rs 3,900 per sq.ft in 2012, reflecting a 388% increase. However, the 2017 revision brought the value down to Rs 2,613 per sq.ft, a decrease of 33%. The guideline value then rose to Rs 3,900 per sq.ft in 2023, before reaching the current value of Rs 4,200 per sq.ft in 2024, which is an increase of 8% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1192%. The register has no figures for the years not mentioned in the revisions for this street.

Guideline values in Peravallur

In Peravallur, there are 423 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 7,100 per sq.ft. The median value for these streets is Rs 3,301 per sq.ft, placing George Colony's 2024 figure above this median.

• G.K.M. Colony 10th Street: Rs 3,600 per sq.ft (2024)
• G.K.M. Colony 11th Street: Rs 3,600 per sq.ft (2024)
• G.K.M. Colony 12th Street: Rs 3,600 per sq.ft (2024)
• G.K.M. Colony 13th Street: Rs 3,600 per sq.ft (2024)
• G.K.M. Colony 14th Street: Rs 3,600 per sq.ft (2024)
• G.K.M. Colony 15th Street: Rs 3,600 per sq.ft (2024)

Stamp duty and registration fee for property in George Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,200 per sq.ft, the total guideline value would be Rs 42,00,000. The stamp duty, charged at 7%, would amount to Rs 2,94,000, and the registration fee, charged at 2%, would be Rs 84,000. Together, the total cost for stamp duty and registration would be Rs 3,78,000. It is important to note that 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 George Colony?

The Sub Registrar Office that covers George Colony 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 Peravallur

The guideline value plays a crucial role in the registration process when buying or selling property in Peravallur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted transparently.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of George Colony?

The current guideline value of George Colony is Rs 4,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 325 per sq.ft in 2002 and rising to Rs 4,200 per sq.ft in 2024, with various increases and decreases along the way.

What is the land classification for George Colony?

The land classification for George Colony is Mixed Type - I, indicating a diverse use of land in the area.

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

For a property valued at Rs 42,00,000, the stamp duty would be Rs 2,94,000 and the registration fee would be Rs 84,000, totaling Rs 3,78,000.

Where is the Sub Registrar Office for George Colony located?

The Sembiam Sub Registrar Office, which covers George Colony, is located at 5, Papermills Road, Sembiam, Chennai - 600011.