Guideline Value for Indian Bank Colony

Indian Bank Colony guideline value

The current guideline value for Indian Bank Colony, located in Menambedu village under the Ambattur SRO, is Rs 1,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Indian Bank Colony has changed

Over the years, the guideline value for Indian Bank Colony has seen several revisions. The most recent revision in 2024 set the value at Rs 1,700 per sq.ft, an increase from Rs 1,600 per sq.ft in 2023, marking a change of +6%. Prior to that, the 2023 revision was a significant jump from Rs 1,072 per sq.ft in 2017, which means there was a substantial increase of +49% during that period. The guideline value in 2012 was Rs 1,600 per sq.ft, which was a decrease of -33% from the 2017 figure.

Additionally, there are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, comparing the 2012 revision to the current 2024 figure, the guideline value has increased by +6%.

Guideline values in Menambedu

In Menambedu village, there are 171 streets under the Ambattur SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 6,680 per sq.ft. The median value for these streets is Rs 1,003 per sq.ft, placing Indian Bank Colony's 2024 figure above this median.

• Indira Nagar: Rs 1,001 per sq.ft (2024)
• Indira Street: Rs 1,700 per sq.ft (2024)
• HariKrishna Naidu Street: Rs 1,001 per sq.ft (2024)
• Gurusamy Street: Rs 1,700 per sq.ft (2024)
• Guru Nel Street: Rs 1,001 per sq.ft (2024)
• Govindharajan Street: Rs 1,700 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 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty, charged at 7%, would be Rs 1,19,000, while the registration fee at 2% would be Rs 34,000. Therefore, the total cost for stamp duty and registration would be Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indian Bank Colony?

The Indian Bank Colony is covered by 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 Menambedu

The guideline value is a crucial factor during the registration of property transactions in Menambedu. It serves as a benchmark for determining the stamp duty and registration fees payable, ensuring that the government collects the appropriate taxes based on the property's value.

When buying or selling property, the guideline value helps establish a fair assessment of the property’s worth. This value is used to calculate the applicable duties and fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value for Indian Bank Colony?

The current guideline value for Indian Bank Colony is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,600 per sq.ft in 2023 to Rs 1,700 per sq.ft in 2024. Previously, it was Rs 1,072 per sq.ft in 2017 and Rs 1,600 per sq.ft in 2012.

What is the classification of land in Indian Bank Colony?

The land in Indian Bank Colony is classified as Residential Special Type - I.

Where is the Ambattur Sub Registrar Office located?

The Ambattur Sub Registrar Office is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.

How is stamp duty calculated in Indian Bank Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 17,00,000, the stamp duty at 7% would be Rs 1,19,000.