Guideline Value for Housing Board Colony

Housing Board Colony guideline value

The current guideline value for Housing Board Colony in Kodungaiyur village, under the Madhavaram SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Housing Board Colony has changed

Looking at the revisions, the guideline value for Housing Board Colony has seen several changes over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged until the 2023 revision, also at Rs 2,500 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 2,700 per sq.ft, marking an 8% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%. It is important to note that for the years 2002, 2003, 2007, and 2017, the register has no figure for this street.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, which is equal to the current guideline value of Housing Board Colony.

• Harbour Colony 1st Street: Rs 2,700 per sq.ft (2024)
• Indira Street: Rs 2,200 per sq.ft (2024)
• Gramaniyar Garden: Rs 2,700 per sq.ft (2024)
• Govinda Street (Vivekananda Nagar): Rs 2,700 per sq.ft (2024)
• Govindasamy Street: Rs 2,700 per sq.ft (2024)
• Jampuli Bharathiar Salai: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Housing Board Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total charges to Rs 2,43,000. 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 more detailed calculations.

Which Sub Registrar Office covers Housing Board Colony?

The Housing Board Colony falls under the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor during property transactions in Kodungaiyur, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations and to calculate the associated fees accurately.

When registering a property, the guideline value will influence the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Housing Board Colony?

The current guideline value for Housing Board Colony is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has increased by 8% to Rs 2,700 per sq.ft in 2024. The value was Rs 2,500 per sq.ft from 2012 to 2023, with no figures available for several years prior.

What is the land classification for Housing Board Colony?

Housing Board Colony is classified as Residential Class I Type - I. This classification is essential for determining the applicable regulations and guidelines for property transactions in the area.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the Housing Board Colony area.

How is stamp duty calculated for properties in Kodungaiyur?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 27,00,000, the stamp duty at 7% would be Rs 1,89,000.