Guideline Value for Leela Colony

Leela Colony guideline value

The current guideline value of Leela Colony is Rs 2,900 per sq.ft, effective from 1 July 2024. This area is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of Leela Colony has changed

The guideline value for Leela Colony has undergone several revisions over the years. In 2007, the guideline value was Rs 450 per sq.ft. This increased significantly to Rs 2,700 per sq.ft in 2012, marking a 500% rise. However, the value saw a decrease to Rs 1,809 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 2,700 per sq.ft in 2023, reflecting a 49% increase. Most recently, the guideline value has been set at Rs 2,900 per sq.ft in the 2024 revision, which is a 7% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 544%.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Leela Colony is above this median.

• Leela Street: Rs 950 per sq.ft (2024)
• Leelavathy Nagar: Rs 2,900 per sq.ft (2024)
• LIC Colony: Rs 2,200 per sq.ft (2024)
• Lalbagadur Sastri Street: Rs 950 per sq.ft (2024)
• Lakshmi Nagar Ext: Rs 3,750 per sq.ft (2024)
• Madambakkam Camp Road: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Leela Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,900 per sq.ft, the total guideline value would be Rs 29,00,000. The stamp duty at 7% would amount to Rs 2,03,000, and the registration fee at 2% would be Rs 58,000, totaling Rs 2,61,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Leela Colony?

Leela Colony is covered by the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Selaiyur. It is used to determine the stamp duty and registration fees applicable when buying or selling property. This ensures that the transaction is registered at a value recognized by the state.

When you register a property in Leela Colony, the guideline value will influence the total costs involved in the transaction. Buyers and sellers should be aware of these values to ensure compliance with local regulations and to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Leela Colony?

The current guideline value of Leela Colony is Rs 2,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 450 per sq.ft in 2007 to Rs 2,900 per sq.ft in 2024, reflecting an overall increase of 544% over this period.

What is the land classification of Leela Colony?

Leela Colony is classified as Residential Special Type - I, which indicates the type of development and usage permitted in the area.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opposite to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for properties in Leela 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 29,00,000, the stamp duty would be Rs 2,03,000 at 7%.