Guideline Value for Indian Bank Colony 1st Cross Street

Indian Bank Colony 1st Cross Street guideline value

The current guideline value of Indian Bank Colony 1st Cross Street is Rs 4,000 per sq.ft, effective from 1 July 2024. This street is located in Ambattur village, under the Ambattur SRO, and is classified as Residential Special Type - II.

How the guideline value of Indian Bank Colony 1st Cross Street has changed

The guideline value for Indian Bank Colony 1st Cross Street has undergone several revisions over the years. The 2012 revision set the value at Rs 3,700 per sq.ft, which was a decrease of 33% from the 2017 revision of Rs 2,479 per sq.ft. The value remained at Rs 3,700 per sq.ft until the 2023 revision, which increased it to Rs 3,700 per sq.ft. The most recent 2024 revision raised the value to Rs 4,000 per sq.ft, marking an increase of 8% from the previous year.

In summary, from 2012 to 2024, the overall change in guideline value is an increase of 8%. Notably, there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Ambattur

In Ambattur village, there are 448 streets under the Ambattur SRO that carry a 2024 guideline value, ranging from Rs 1,400 to Rs 8,209 per sq.ft, with a median value of Rs 3,600 per sq.ft. The guideline value of Indian Bank Colony 1st Cross Street is above this median.

• Indian Bank Colony 1st Avenue: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 1st Main Road: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 1st Street: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 2nd Avenue: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 2nd Cross Street: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 2nd Main Road: Rs 4,000 per sq.ft (2024)

Stamp duty and registration fee for property in Indian Bank Colony 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,000 per sq.ft, the total guideline value amounts to Rs 40,00,000. The stamp duty at 7% would be Rs 2,80,000, and the registration fee at 2% would be Rs 80,000, bringing the total cost for these fees to Rs 3,60,000. It is important to note that the 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 accurate calculations based on your specific property details.

Which Sub Registrar Office covers Indian Bank Colony 1st Cross Street?

The Sub Registrar Office that covers Indian Bank Colony 1st Cross Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Ambattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is used to assess the applicable duties, ensuring that the fees reflect the official valuation of the property. This helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Indian Bank Colony 1st Cross Street?

The current guideline value of Indian Bank Colony 1st Cross Street is Rs 4,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,700 per sq.ft in 2023 to Rs 4,000 per sq.ft in 2024, marking an 8% increase. The value was Rs 2,479 per sq.ft in 2017 and Rs 3,700 per sq.ft in 2012.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 40,00,000, the stamp duty would be Rs 2,80,000, and the registration fee would be Rs 80,000, totaling Rs 3,60,000. These fees are based on the guideline value.

Which office handles registrations for properties in Indian Bank Colony 1st Cross Street?

The Ambattur Sub Registrar Office handles registrations for properties in Indian Bank Colony 1st Cross Street. It is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

What is the land classification of Indian Bank Colony 1st Cross Street?

Indian Bank Colony 1st Cross Street is classified as Residential Special Type - II, indicating its designation for residential use within the area.