Guideline Value for OFFICER'S COLONY EXTENSION

Officer's Colony Extension guideline value

The current guideline value for Officer's Colony Extension is Rs 6,600 per sq.ft, effective from 1 July 2024. This area is located in Padi village and falls under the Villivakkam SRO, classified as Residential Class II Type - III.

How the guideline value of Officer's Colony Extension has changed

The guideline value for Officer's Colony Extension has undergone several revisions over the years. The 2012 revision set the value at Rs 6,000 per sq.ft, which later decreased to Rs 4,020 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 6,000 per sq.ft in 2023, and most recently, it has risen to Rs 6,600 per sq.ft in the 2024 revision.

From 2017 to 2023, the guideline value increased by 49%. However, from 2012 to 2017, there was a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 3,800 per sq.ft, making the current value for Officer's Colony Extension above that median.

• Officer's Colony: Rs 6,600 per sq.ft (2024)
• North Main Road: Rs 12,000 per sq.ft (2024)
• North Mada Street: Rs 3,400 per sq.ft (2024)
• Padavattamman Koil 3rd Street: Rs 3,400 per sq.ft (2024)
• Padavattamman Koil Street: Rs 3,400 per sq.ft (2024)
• Padavattamman Nagar: Rs 3,400 per sq.ft (2024)

Stamp duty and registration fee for property in Officer's Colony Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, resulting in a total of Rs 5,94,000. Please 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 Officer's Colony Extension?

The Officer's Colony Extension is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Padi. It determines the stamp duty and registration fees that need to be paid, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value, as it influences the overall cost of the transaction. Buyers should ensure that they are informed about the latest revisions to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value for Officer's Colony Extension?

The current guideline value for Officer's Colony Extension is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, with the most recent increase being from Rs 6,000 per sq.ft in 2023 to Rs 6,600 per sq.ft in 2024, marking a 10% increase.

What are the other streets in Padi and their guideline values?

Other streets in Padi include Officer's Colony at Rs 6,600 per sq.ft, North Main Road at Rs 12,000 per sq.ft, and several streets at Rs 3,400 per sq.ft.

What fees are associated with buying property in Officer's Colony Extension?

When buying property, the stamp duty is charged at 7% of the guideline value, and the registration fee is charged at 2%. These fees are based on the higher of the guideline value or the sale price.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.