Guideline Value for Indian Colony

Indian Colony guideline value

The current guideline value of Indian Colony, located in Kilkattalai village under the Pallavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of Indian Colony has changed

The guideline value for Indian Colony has seen several revisions over the years. In 2003, the value was Rs 134 per sq.ft, which increased to Rs 300 per sq.ft in 2007. The 2012 revision set the value at Rs 2,000 per sq.ft, but this was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value rose significantly to Rs 2,000 per sq.ft in the 2023 revision, and the latest revision in 2024 has set the value at Rs 2,200 per sq.ft. There is no figure available for the year 2002 in the register for this street.

Between the revisions, the most notable changes include a 124% increase from 2003 to 2007, a significant 567% increase from 2007 to 2012, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and finally, a 10% increase from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 1,542%.

Guideline values in Kilkattalai

Kilkattalai village has a range of guideline values across its 194 streets under the Pallavaram SRO, with figures varying from Rs 1,080 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,530 per sq.ft, placing the guideline value of Indian Colony below this median.

• Indian Colony (Sai Street): Rs 2,200 per sq.ft (2024)
• Iyappa Nagar: Rs 2,750 per sq.ft (2024)
• Iyappan Koil Street: Rs 2,750 per sq.ft (2024)
• Guruvayurappan Nagar: Rs 2,530 per sq.ft (2024)
• Jayalakshmi Nagar: Rs 2,160 per sq.ft (2024)
• Gowthama Nagar: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Indian Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Indian Colony?

The Sub Registrar Office covering Indian Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kilkattalai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented accurately in the official records.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. Buyers need to be aware that these fees are based on the higher of the guideline value or the actual sale price, which can affect the overall cost of the property transaction.

Frequently asked questions

What is the current guideline value of Indian Colony?

The current guideline value of Indian Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 134 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, which is an overall increase of 1,542%.

What is the median guideline value in Kilkattalai?

The median guideline value in Kilkattalai is Rs 2,530 per sq.ft, which is higher than the current value of Indian Colony.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the same value.

Where is the Sub Registrar Office for Indian Colony located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.