Guideline Value for OFFICERS COLONY 1ST CROSS STREET

Officers Colony 1st Cross Street guideline value

The current guideline value for Officers Colony 1st Cross Street is Rs 7,000 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village under the Kodambakkam SRO, classified as Mixed Type - II.

How the guideline value of Officers Colony 1st Cross Street has changed

The guideline value for Officers Colony 1st Cross Street has undergone several revisions over the years. In 2007, the value was Rs 1,750 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, it decreased to Rs 4,355 per sq.ft in 2017. The subsequent revision in 2023 saw the value rise to Rs 6,500 per sq.ft, and the most recent revision in 2024 set it at Rs 7,000 per sq.ft, marking an 8% increase from the previous year.

Notably, 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 300%.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 16,500 per sq.ft, with a median of Rs 6,600 per sq.ft. The guideline value for Officers Colony 1st Cross Street is above this median.

• Officers Colony 1st Street: Rs 7,000 per sq.ft (2024)
• Officers Colony 2nd Cross Street: Rs 7,000 per sq.ft (2024)
• Officers Colony 2nd Street: Rs 7,000 per sq.ft (2024)
• Officers Colony 3rd Cross Street: Rs 7,000 per sq.ft (2024)
• Officers Colony 3rd Street: Rs 7,000 per sq.ft (2024)
• Officers Colony 4th Street: Rs 7,000 per sq.ft (2024)

Stamp duty and registration fee for property in Officers Colony 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,000 per sq.ft, the total guideline value is Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total to Rs 6,30,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Officers Colony 1st Cross Street?

The Sub Registrar Office covering Officers Colony 1st Cross Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process of property transactions in Vadaagaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property in the area.

When a property is sold, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration process is transparent and based on an established value for the property.

Frequently asked questions

What is the current guideline value of Officers Colony 1st Cross Street?

The current guideline value of Officers Colony 1st Cross Street is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,750 per sq.ft in 2007 to Rs 6,500 per sq.ft in 2012, then decreased to Rs 4,355 per sq.ft in 2017, before rising to Rs 6,500 per sq.ft in 2023, and finally reaching Rs 7,000 per sq.ft in 2024.

What is the median guideline value in Vadaagaram?

The median guideline value in Vadaagaram is Rs 6,600 per sq.ft, with the current value for Officers Colony 1st Cross Street being above this median.

What are the stamp duty rates for properties in Officers Colony 1st Cross Street?

The stamp duty rate for properties in Officers Colony 1st Cross Street is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Officers Colony 1st Cross Street located?

The Sub Registrar Office for Officers Colony 1st Cross Street is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.