Guideline Value for Indira Colony (1st Avenue)

Indira Colony (1st Avenue) guideline value

The current guideline value of Indira Colony (1st Avenue) is Rs 11,000 per sq.ft, effective from 1 July 2024. This area is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Commercial Special Type - I.

How the guideline value of Indira Colony (1st Avenue) has changed

The guideline value for Indira Colony (1st Avenue) has undergone several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 4,220 per sq.ft. This increased significantly to Rs 10,000 per sq.ft in 2012, marking a rise of 137%. However, the value dropped to Rs 6,700 per sq.ft in 2017, representing a decrease of 33%. In 2023, the value was revised to Rs 10,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 11,000 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a notable increase of 49%. Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 161%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing Indira Colony (1st Avenue) above this median.

• Indira Colony 1st Street: Rs 8,800 per sq.ft (2024)
• Indira Colony 2nd Street: Rs 8,800 per sq.ft (2024)
• Indira Colony 3rd Street: Rs 8,800 per sq.ft (2024)
• Indira Colony 4th Street: Rs 8,800 per sq.ft (2024)
• Indira Gandhi Street (S.M.Block): Rs 4,100 per sq.ft (2024)
• II Main Road: Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Indira Colony (1st Avenue)

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value would be Rs 1,10,00,000. The stamp duty at 7% would amount to Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, resulting in a total of Rs 9,90,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Indira Colony (1st Avenue)?

The Sub Registrar Office that covers Indira Colony (1st Avenue) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, click here.

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

The guideline value is a crucial factor when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property transaction occurs, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that the transaction is recorded accurately and legally, protecting the interests of both parties involved.

Frequently asked questions

What is the current guideline value of Indira Colony (1st Avenue)?

The current guideline value of Indira Colony (1st Avenue) is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,220 per sq.ft in 2007 to Rs 11,000 per sq.ft in 2024, reflecting an overall increase of 161% over these years.

What is the registration office for Indira Colony (1st Avenue)?

The registration office for Indira Colony (1st Avenue) is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Indira Colony (1st Avenue)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 1,10,00,000, the stamp duty at 7% would be Rs 7,70,000.

Where can I find more information about stamp duty and registration fees?

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