Guideline Value for OFFICERS COLONY 2ND CROSS STREET

Officers Colony 2nd Cross Street guideline value

The current guideline value of Officers Colony 2nd 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, and is classified as Mixed Type - II land.

How the guideline value of Officers Colony 2nd Cross Street has changed

In the 2007 revision, the guideline value was Rs 1,750 per sq.ft. This increased significantly to Rs 6,500 per sq.ft in the 2012 revision, marking a rise of 271%. However, in the 2017 revision, the value decreased to Rs 4,355 per sq.ft, a decline of 33%. The value then rose again to Rs 6,500 per sq.ft in the 2023 revision, followed by the current 2024 revision which sets the value at Rs 7,000 per sq.ft, reflecting an increase of 8% from the previous year. The register has no figures for the years 2002 and 2003.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 300%. The 2017 to 2023 period saw a substantial increase of 49%, highlighting the fluctuations in the guideline value over the years.

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 guideline value of Officers Colony 2nd Cross Street above this median.

• Officers Colony 1st 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 1st 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 2nd 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 amounts to 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 cost to 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Officers Colony 2nd Cross Street?

The Sub Registrar Office that covers Officers Colony 2nd 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 in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Vadaagaram, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

It is essential for buyers and sellers to be aware of the current guideline value, as this will impact the overall costs associated with property registration. Understanding the guideline value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Officers Colony 2nd Cross Street?

The current guideline value of Officers Colony 2nd 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 seen significant changes, increasing from Rs 1,750 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, marking an overall increase of 300%.

What is the median guideline value in Vadaagaram?

The median guideline value for the 78 streets in Vadaagaram under the Kodambakkam SRO is Rs 6,600 per sq.ft, with Officers Colony 2nd Cross Street above this median.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 70,00,000, the stamp duty would be Rs 4,90,000 and the registration fee would be Rs 1,40,000, totaling Rs 6,30,000.

Where is the Kodambakkam Sub Registrar Office located?

The Kodambakkam Sub Registrar Office is located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.