Guideline Value for INDIAN BANK COLONY

Indian Bank Colony guideline value

The current guideline value of Indian Bank Colony, located in Arumbakkam village under the Kodambakkam SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class IV Type - II.

How the guideline value of Indian Bank Colony has changed

The guideline value for Indian Bank Colony has seen several revisions over the years. Starting from Rs 496 per sq.ft in 2002, the value increased to Rs 547 in 2003, marking a 10% rise. In 2007, the value jumped significantly to Rs 850 per sq.ft, reflecting a 55% increase. The 2012 revision saw the value rise to Rs 4,000 per sq.ft, which was a substantial increase of 371% from the previous figure.

Following this, the value decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The 2023 revision brought the value back up to Rs 4,000 per sq.ft, and in 2024, it increased further to the current rate of Rs 4,400 per sq.ft, which is a 10% rise from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 787%.

Guideline values in Arumbakkam

In Arumbakkam, there are 391 streets under the Kodambakkam SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft, with a median value of Rs 6,000 per sq.ft. The guideline value for Indian Bank Colony is below this median.

• Indira Gandhi Street: Rs 4,700 per sq.ft (2024)
• Indirani Cross Street: Rs 5,300 per sq.ft (2024)
• Jaganathan Nagar: Rs 6,000 per sq.ft (2024)
• Jaganathan Nagar II Nd Main Road: Rs 6,000 per sq.ft (2024)
• Jaganathan Nagar I St Main Road: Rs 6,000 per sq.ft (2024)
• Jaganathan Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Indian Bank Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Indian Bank Colony?

The Sub Registrar Office that covers Indian Bank Colony is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for additional details.

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

The guideline value is an important factor in property transactions in Arumbakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the higher of the guideline value or the sale price.

When registering a property, the guideline value helps ensure that the transaction is recorded accurately and fairly. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Indian Bank Colony?

The current guideline value of Indian Bank Colony is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 496 in 2002 to Rs 4,400 in 2024, reflecting an overall increase of 787% over the years.

What are the stamp duty and registration fees for properties in Indian Bank Colony?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office covers Indian Bank Colony?

The Kodambakkam Sub Registrar Office covers Indian Bank Colony, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is the guideline value determined for properties?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It serves as a benchmark for property transactions in the area.