Guideline Value for OFFICER'S COLONY

Officer's Colony guideline value

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

How the guideline value of Officer's Colony has changed

The guideline value for Officer's Colony has seen significant changes over the years. In 2002, the value was Rs 828 per sq.ft. This increased to Rs 930 per sq.ft in 2003, marking a 12% rise. The value then saw a substantial increase to Rs 1,650 per sq.ft in 2007, which was a 77% increase. By 2012, the value reached Rs 6,000 per sq.ft, reflecting a remarkable 264% increase from the previous revision. However, the value dropped to Rs 4,020 per sq.ft in 2017, indicating a 33% decrease. The guideline value then rose again to Rs 6,000 per sq.ft in 2023, before reaching the current figure of Rs 6,600 per sq.ft in 2024, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 697%. There are no figures available for the years not mentioned in this register for this street.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Officer's Colony's 2024 figure above that median.

• Officer's Colony Extension: 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

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, making the total cost Rs 5,94,000. It is important to note that 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 details.

Which Sub Registrar Office covers Officer's Colony?

The Sub Registrar Office that covers Officer's Colony is 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 plays a crucial role during the registration of property transactions in Padi. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property in the area. Buyers must be aware that the registration office will consider the guideline value or the sale price, whichever is higher, when calculating these fees.

It is essential for both buyers and sellers to understand the guideline value as it directly impacts the overall cost of property transactions. Being informed about the current guideline value can help in making better financial decisions while engaging in real estate activities.

Frequently asked questions

What is the current guideline value of Officer's Colony?

The current guideline value of Officer's Colony 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 changed significantly from Rs 828 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 697%.

What is the land classification of Officer's Colony?

Officer's Colony is classified as Residential Class II Type - III, which indicates its designation for residential use.

What are the stamp duty and registration fees for a property in Officer's Colony?

For a property valued at Rs 6,600 per sq.ft, the total guideline value for a 1,000 sq.ft plot would be Rs 66,00,000, leading to a stamp duty of Rs 4,62,000 and a registration fee of Rs 1,32,000.

Which office handles registrations for Officer's Colony?

The Villivakkam Sub Registrar Office handles registrations for Officer's Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.