Guideline Value for Officer Colony

Officer Colony guideline value

The current guideline value of Officer Colony, located in Mugappair village under the Konnur SRO, is Rs 7,100 per sq.ft as per the 2024 revision effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Officer Colony has changed

The guideline value for Officer Colony has seen significant changes over the years. In the 2002 revision, the value was Rs 532 per sq.ft, which increased to Rs 930 per sq.ft in 2003, marking a 75% rise. The value continued to grow, reaching Rs 2,000 per sq.ft in 2007, which was a 115% increase from the previous revision. The 2012 revision saw a jump to Rs 6,500 per sq.ft, reflecting a 225% increase from 2007. However, from 2012 to 2017, the value decreased by 33% to Rs 4,355 per sq.ft. The 2023 revision brought the value back up to Rs 6,500 per sq.ft, and the latest revision in 2024 increased it further to Rs 7,100 per sq.ft, a 9% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1235%. There are no figures available for revisions in years not listed in the register for this street.

Guideline values in Mugappair

In Mugappair, there are 224 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 8,800 per sq.ft, with a median value of Rs 7,100 per sq.ft. The guideline value for Officer Colony matches this median.

• Olimbic Colony: Rs 7,100 per sq.ft (2024)
• Oori Salai(Mugappair East Block 10): Rs 7,100 per sq.ft (2024)
• Nolambur Main Road: Rs 7,100 per sq.ft (2024)
• New Mariamman Koil Street: Rs 3,300 per sq.ft (2024)
• Pakkiathammal Nagar: Rs 7,100 per sq.ft (2024)
• Pakkiathammal Nagar2rd Corss Street & 3rd Cross Street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Officer Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value is Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. 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 Officer Colony?

The Sub Registrar Office that covers Officer Colony is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value is a critical factor during property registration in Mugappair. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the actual sale price of the property.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with local regulations. This value is updated periodically, reflecting changes in the real estate landscape, and it is crucial for both buyers and sellers to stay informed.

Frequently asked questions

What is the current guideline value of Officer Colony?

The current guideline value of Officer Colony is Rs 7,100 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 532 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, marking an overall increase of 1235% over the years.

What are the stamp duty and registration fees for properties in Officer Colony?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which office handles property registrations for Officer Colony?

The Konnur Sub Registrar Office handles property registrations for Officer Colony, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is the guideline value determined for properties in Mugappair?

The guideline value is determined based on various factors and is updated periodically to reflect changes in the real estate landscape. It is essential for calculating the stamp duty and registration fees during property transactions.