Guideline Value for Indian Bank Colony 3rd Avenue

Indian Bank Colony 3rd Avenue guideline value

The current guideline value of Indian Bank Colony 3rd Avenue is Rs 4,000 per sq.ft, effective from 1 July 2024. This property 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 3rd Avenue has changed

The guideline value for Indian Bank Colony 3rd Avenue has seen 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 revision in 2024 raised the guideline value to Rs 4,000 per sq.ft, marking an 8% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 8%. Notably, there are no figures available for this street in the revisions of 2002, 2003, and 2007.

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. The median guideline value for these streets is Rs 3,600 per sq.ft, placing the 2024 figure for Indian Bank Colony 3rd Avenue above this median.

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

Stamp duty and registration fee for property in Indian Bank Colony 3rd Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 4,000 per sq.ft, the total guideline value would be Rs 40,00,000. The stamp duty at 7% would amount to 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 duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indian Bank Colony 3rd Avenue?

The Sub Registrar Office that covers Indian Bank Colony 3rd Avenue 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 details.

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

The guideline value is a crucial factor when buying or selling property in Ambattur. It serves as a benchmark for calculating the stamp duty and registration fees that are required during the property registration process.

When a property is sold, the guideline value helps determine the official value for taxation purposes. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Indian Bank Colony 3rd Avenue?

The current guideline value of Indian Bank Colony 3rd Avenue 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. 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 3rd Avenue?

Indian Bank Colony 3rd Avenue is classified as Residential Special Type - II, indicating its designated use for residential purposes.

Where can I find the registration office for this area?

The registration office for Indian Bank Colony 3rd Avenue is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, 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.