Guideline Value for OFFICERS COLONY 2ND STREET

Officers Colony 2nd Street guideline value

The current guideline value for Officers Colony 2nd Street in Vadaagaram village, under the Kodambakkam SRO, is Rs 7,000 per sq.ft, effective from 1 July 2024. This street is classified as Mixed Type - II.

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

The guideline value for Officers Colony 2nd Street has seen several revisions over the years. In 2002, the guideline 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 rose significantly to Rs 1,750 per sq.ft in 2007, reflecting a 72% increase. Following that, the value surged to Rs 6,500 per sq.ft in 2012, which was a substantial 271% increase. However, from 2012 to 2017, the value decreased to Rs 4,355 per sq.ft, showing a decline of 33%. The value then increased again to Rs 6,500 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 set the guideline value at Rs 7,000 per sq.ft, an 8% increase from the previous year.

There are no figures available for the years not mentioned in the register for this street. Overall, from 2002 to 2024, the guideline value has increased by 660%.

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 value is Rs 6,600 per sq.ft, and the guideline value for Officers Colony 2nd Street is above this median.

• Officers Colony 1st Cross Street: Rs 7,000 per sq.ft (2024)
• 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 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 2nd 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, making the total charges Rs 6,30,000. 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 Officers Colony 2nd Street?

The Sub Registrar Office that covers Officers Colony 2nd 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 when registering property transactions in Vadaagaram. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any complications during the registration process.

Frequently asked questions

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

The current guideline value for Officers Colony 2nd 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 the years.

What is the registration fee for property in Officers Colony 2nd Street?

The registration fee is calculated at 2% of the guideline value or sale price, whichever is higher. For a property valued at Rs 70,00,000, the registration fee would be Rs 1,40,000.

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.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for calculating stamp duty and registration fees during property transactions. It ensures that the government receives the appropriate revenue from these transactions.