Guideline Value for Indian Bank Colony 1st Street

Indian Bank Colony 1st Street guideline value

The current guideline value of Indian Bank Colony 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Class II Type - II.

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

The guideline value for Indian Bank Colony 1st Street has seen several revisions over the years. In 2012, the value was set at Rs 1,500 per sq.ft. This was followed by a decrease to Rs 1,005 per sq.ft in 2017, representing a decline of 33%. However, in 2023, the value increased to Rs 1,500 per sq.ft, and further rose to Rs 1,600 per sq.ft in 2024, marking a 7% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 7%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. Indian Bank Colony 1st Street's guideline value of Rs 1,600 per sq.ft is below this median.

• Immanuel Street: Rs 950 per sq.ft (2024)
• Indira Nagar: Rs 1,900 per sq.ft (2024)
• Indira Nagar East: Rs 1,900 per sq.ft (2024)
• Indira Nagar P.K.P Sundaram Street: Rs 1,900 per sq.ft (2024)
• I.A.F Road Sakthi Avenue: Rs 4,400 per sq.ft (2024)
• I.A.F Road Arunachalam Street: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, making the total cost for these fees Rs 1,44,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

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

The Sub Registrar Office that covers Indian Bank Colony 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Selaiyur. It determines the minimum value at which property transactions can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When a property is sold, the buyer is required to pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and fairly in the public register.

Frequently asked questions

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

The current guideline value of Indian Bank Colony 1st Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,600 per sq.ft in 2024.

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

Indian Bank Colony 1st Street is classified as Residential Class II Type - II.

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

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000.

Which office handles property registrations for Indian Bank Colony 1st Street?

The Selaiyur Sub Registrar Office handles property registrations for Indian Bank Colony 1st Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.