Guideline Value for OFFICERS COLONY 1ST STREET

Officers Colony 1st Street guideline value

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

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

The guideline value for Officers Colony 1st Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 921 per sq.ft. This increased to Rs 1,019 per sq.ft in 2003, marking an 11% rise. The value then saw a significant increase to Rs 1,750 per sq.ft in 2007, which was a 72% increase from the previous year. In 2012, the value was revised to Rs 6,500 per sq.ft, reflecting a substantial increase of 271% from 2007. However, the value dropped to Rs 4,355 per sq.ft in 2017, indicating a decrease of 33% from the 2012 figure.

In the subsequent revisions, the guideline value increased to Rs 6,500 per sq.ft in 2023, which was a 49% rise from 2017. The most recent revision in 2024 has set the value at Rs 7,000 per sq.ft, representing an 8% increase from the previous year. The overall change from 2002 to 2024 reflects a significant increase of 660% in the guideline value for this street.

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. The median guideline value for these streets is Rs 6,600 per sq.ft, placing the 2024 figure for Officers Colony 1st Street above this median.

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

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

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Officers Colony 1st Street?

The Sub Registrar Office that covers Officers Colony 1st 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vadaagaram. It serves as a benchmark for determining the minimum value of a property that must be considered for stamp duty and registration fees.

When a property is sold, the buyer and seller must ensure that the sale price is not below the guideline value. This ensures that the appropriate taxes are paid based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

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

The current guideline value of Officers Colony 1st 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 921 per sq.ft in 2002 to Rs 7,000 per sq.ft in 2024, reflecting an overall increase of 660% over this period.

What is the registration office for Officers Colony 1st Street?

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

How is stamp duty calculated for property in Officers Colony 1st Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For a 1,000 sq.ft plot at Rs 7,000 per sq.ft, the stamp duty would be Rs 4,90,000.

What are the other streets in Vadaagaram with the same guideline value?

Other streets in Vadaagaram with the same guideline value of Rs 7,000 per sq.ft include Officers Colony 2nd Cross Street, Officers Colony 1st Cross Street, Officers Colony 2nd Street, Officers Colony 3rd Cross Street, Officers Colony 3rd Street, and Officers Colony 4th Street.