Guideline Value for Municipal Colony

Municipal Colony guideline value

The current guideline value for Municipal Colony, located in Chengalpattu Town village under the Chengleput Joint I SRO, is Rs 2,475 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Municipal Colony has changed

The guideline value for Municipal Colony has undergone several revisions over the years. Starting from the 2007 revision, the value was set at Rs 460 per sq.ft. It increased significantly to Rs 2,250 per sq.ft in 2012, marking a substantial rise of 389%. However, between 2012 and 2017, the value decreased to Rs 1,507 per sq.ft, a drop of 33%. The subsequent revision in 2023 brought the value up to Rs 2,250 per sq.ft, and the latest revision in 2024 saw it rise to Rs 2,475 per sq.ft, which is an increase of 10% from the previous year.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 438%.

Guideline values in Chengalpattu Town

In Chengalpattu Town, there are 55 streets under the Chengleput Joint I SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft, with a median value of Rs 3,025 per sq.ft. The guideline value for Municipal Colony is below this median.

• Melamaiyur Pillaiyar Kovil Street: Rs 2,750 per sq.ft (2024)
• Old G.S.T.Road 1: Rs 3,025 per sq.ft (2024)
• Old G.S.T.Road 2: Rs 3,025 per sq.ft (2024)
• Old G.S.T.Road 3: Rs 3,025 per sq.ft (2024)
• Ottapalayam (a) Sasthiri Nagar: Rs 1,650 per sq.ft (2024)
• Ottapalayam Santhu: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Municipal Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,475 per sq.ft, the total guideline value amounts to Rs 24,75,000. The stamp duty at 7% would be Rs 1,73,250, and the registration fee at 2% would be Rs 49,500, making the total charges Rs 2,22,750. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Municipal Colony?

The Sub Registrar Office that covers Municipal Colony is the Chengleput Joint I Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, 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 Chengalpattu Town

The guideline value is a crucial factor during the registration of property transactions in Chengalpattu Town. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring transparency and standardization in property dealings.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial implications of the transaction, based on the established guideline value.

Frequently asked questions

What is the current guideline value of Municipal Colony?

The current guideline value for Municipal Colony is Rs 2,475 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, starting from Rs 460 per sq.ft in 2007, rising to Rs 2,250 in 2012, dropping to Rs 1,507 in 2017, and finally reaching Rs 2,475 in 2024.

What is the classification of land in Municipal Colony?

Municipal Colony is classified as Residential Class II Type - I.

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

The Chengleput Joint I Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is 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 24,75,000, the stamp duty would be Rs 1,73,250 at a rate of 7%.