Guideline Value for Indian Bank Colony 2nd Cross Street

Indian Bank Colony 2nd Cross Street guideline value

The current guideline value of Indian Bank Colony 2nd 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 2nd Cross Street has changed

The guideline value for Indian Bank Colony 2nd Cross Street has seen several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 4,000 per sq.ft, an increase from Rs 3,700 per sq.ft in 2023, marking an 8% rise. Prior to that, the 2017 revision recorded a value of Rs 2,479 per sq.ft, which was a significant increase of 49% from the previous 2012 value of Rs 3,700 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 8%. The 2012 figure of Rs 3,700 per sq.ft was followed by a decrease to Rs 2,479 per sq.ft in 2017, before rising again to the current value.

Guideline values in Ambattur

In Ambattur, 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. The median guideline value in this area is Rs 3,600 per sq.ft, making the 2024 figure for Indian Bank Colony 2nd Cross Street above that median.

• Indian Bank Colony 2nd Avenue: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 2nd 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 Street: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 1st Main Road: Rs 4,000 per sq.ft (2024)
• Indian Bank Colony 3rd Avenue: Rs 4,000 per sq.ft (2024)

Stamp duty and registration fee for property in Indian Bank Colony 2nd Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 4,000 per sq.ft, the guideline value amounts to Rs 40,00,000. The stamp duty at 7% would be Rs 2,80,000, while the registration fee at 2% would be Rs 80,000, bringing the total to Rs 3,60,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Indian Bank Colony 2nd Cross Street?

The Sub Registrar Office covering Indian Bank Colony 2nd 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. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ambattur. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value as per government regulations.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions, as the guideline value is often used to assess the value of the property for taxation purposes.

Frequently asked questions

What is the current guideline value for Indian Bank Colony 2nd Cross Street?

The current guideline value for Indian Bank Colony 2nd 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. It was Rs 2,479 per sq.ft in 2017 and Rs 3,700 per sq.ft in 2012.

What is the land classification for Indian Bank Colony 2nd Cross Street?

Indian Bank Colony 2nd Cross Street is classified as Residential Special Type - II. This classification is important for understanding the zoning and usage of the land.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Indian Bank Colony 2nd Cross Street is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is the stamp duty calculated for properties in Ambattur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 40,00,000, the stamp duty would be calculated on that amount if the sale price is lower.