Guideline Value for Officer Colony Lane

Officer Colony Lane guideline value

The current guideline value of Officer Colony Lane is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Porur village under the Kunrathur SRO, classified as Mixed Special Type - I.

How the guideline value of Officer Colony Lane has changed

In the 2012 revision, the guideline value was Rs 4,500 per sq.ft. This figure decreased to Rs 3,015 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to the 2023 revision, the value increased significantly by 49%, reaching Rs 4,500 per sq.ft. The most recent revision in 2024 saw a further increase to Rs 4,950 per sq.ft, reflecting a 10% rise from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Porur

In Porur, there are 530 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 2,860 to Rs 6,380 per sq.ft. The median value for these streets is Rs 3,960 per sq.ft, placing Officer Colony Lane's 2024 figure above this median.

• Officer Colony 3rd Cross Street: Rs 4,950 per sq.ft (2024)
• Officer Colony Main Road: Rs 4,950 per sq.ft (2024)
• Officer Colony 2nd Cross Street: Rs 4,950 per sq.ft (2024)
• Officer Colony Pillaiyar Koil Street: Rs 4,950 per sq.ft (2024)
• Officer Colony 1st Cross Street: Rs 4,950 per sq.ft (2024)
• Officer Colony: Rs 4,950 per sq.ft (2024)

Stamp duty and registration fee for property in Officer Colony Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty at 7% would be Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, bringing the total cost to Rs 4,45,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Officer Colony Lane?

The Sub Registrar Office that covers Officer Colony Lane is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more details.

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

The guideline value plays a crucial role during property registration in Porur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in real estate transactions.

When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, which are essential costs associated with property transactions. It is vital for buyers and sellers to be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Officer Colony Lane?

The current guideline value of Officer Colony Lane is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,500 per sq.ft in 2012 to Rs 3,015 per sq.ft in 2017, then to Rs 4,500 per sq.ft in 2023, and finally to Rs 4,950 per sq.ft in 2024.

What is the land classification of Officer Colony Lane?

Officer Colony Lane is classified as Mixed Special Type - I under the land classification system.

Where can I find the registration office for Officer Colony Lane?

The registration office for Officer Colony Lane is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties on Officer Colony Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 49,50,000, the stamp duty at 7% would be Rs 3,46,500.