Guideline Value for GoodWill Colony

GoodWill Colony guideline value

The current guideline value of GoodWill Colony, located in Thirumangalam village under the AnnaNagar SRO, is Rs 11,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - III.

How the guideline value of GoodWill Colony has changed

The guideline value for GoodWill Colony has seen several revisions over the years. In 2007, the value was set at Rs 2,200 per sq.ft. This value increased significantly to Rs 10,000 per sq.ft in 2012, marking a rise of 355%. However, in 2017, the value decreased to Rs 6,700 per sq.ft, which was a decline of 33%. The next revision in 2023 saw the value rise again to Rs 10,000 per sq.ft, and the current revision in 2024 has set it at Rs 11,000 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 400%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Thirumangalam

In Thirumangalam, there are 149 streets under the AnnaNagar SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 15,900 per sq.ft, with a median value of Rs 11,500 per sq.ft. The guideline value of GoodWill Colony is below this median.

• G Block west 2nd Street: Rs 11,500 per sq.ft (2024)
• G- Block (West)-2nd Avenue 343, 368, 1948 New Sunshine Apartments (MIG Flats): Rs 14,800 per sq.ft (2024)
• G Block west 1st Street: Rs 11,500 per sq.ft (2024)
• G Block west 18th Street: Rs 11,500 per sq.ft (2024)
• G Block west 17th Street: Rs 11,500 per sq.ft (2024)
• G Block west 16th Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in GoodWill Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value amounts to Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total fees to Rs 9,90,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers GoodWill Colony?

The Sub Registrar Office that covers GoodWill Colony is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Thirumangalam, as it determines the minimum value at which property transactions can be registered. This value is used to calculate the applicable stamp duty and registration fees, ensuring that all transactions adhere to the legal requirements set by the registration department.

When a property is sold, the guideline value serves as a benchmark for assessing the sale price. If the sale price is lower than the guideline value, the higher guideline value is used for calculating taxes and fees, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of GoodWill Colony?

The current guideline value of GoodWill Colony is Rs 11,000 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 2,200 per sq.ft in 2007 to Rs 11,000 per sq.ft in 2024, marking an overall increase of 400% over this period.

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

For a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000 and the registration fee would be Rs 2,20,000, totaling Rs 9,90,000.

Which Sub Registrar Office covers GoodWill Colony?

The AnnaNagar Sub Registrar Office covers GoodWill Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How does the guideline value affect property transactions?

The guideline value affects property transactions by serving as the minimum value for registration and determining the stamp duty and registration fees. It ensures that all transactions comply with local regulations and are accurately assessed for taxation purposes.