Guideline Value for Joseph Colony

Joseph Colony guideline value

The current guideline value of Joseph Colony, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of Joseph Colony has changed

The guideline value for Joseph Colony has seen several revisions over the years. The earliest recorded figure is from 2003, which was Rs 164 per sq.ft. This value increased significantly in subsequent revisions, with the 2007 revision showing a value of Rs 600 per sq.ft, marking a 266% increase. The 2012 revision saw the value rise to Rs 3,000 per sq.ft, reflecting a substantial increase of 400%. However, the 2017 revision brought a decrease to Rs 2,010 per sq.ft, a drop of 33%. The value rebounded in the 2023 revision to Rs 3,000 per sq.ft, and the most recent 2024 revision has set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by 1912%. It is important to note that there is no recorded figure for Joseph Colony in the 2002 revision.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Joseph Colony.

• Jothi Colony: Rs 3,520 per sq.ft (2024)
• Joy Nagar: Rs 3,520 per sq.ft (2024)
• Jesupatham Street: Rs 3,300 per sq.ft (2024)
• Jesudhasan Street: Rs 3,300 per sq.ft (2024)
• Juleka Street: Rs 2,160 per sq.ft (2024)
• Kabaleswaran Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Joseph Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000. Together, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Joseph Colony?

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

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

The guideline value is a crucial factor during the registration of property transactions in Zaminpallavaram. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. This ensures that all transactions are recorded at a fair value as per the government’s assessment.

When buying or selling property, it is essential to be aware of the current guideline value, as it impacts the overall cost of the transaction. Buyers should ensure that they are prepared for the financial implications of these fees based on the guideline value set for the property.

Frequently asked questions

What is the current guideline value of Joseph Colony?

The current guideline value of Joseph Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 164 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1912% over the years.

What is the land classification of Joseph Colony?

Joseph Colony is classified as Residential Class I Type - II, which indicates its suitability for residential development.

Where can I find the Sub Registrar Office for Joseph Colony?

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

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 at 7%.