Guideline Value for Officers Colony 3rd Street

Officers Colony 3rd Street guideline value

The current guideline value of Officers Colony 3rd Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - I.

How the guideline value of Officers Colony 3rd Street has changed

The guideline value for Officers Colony 3rd Street has seen several revisions over the years. The earliest recorded revision is from 2002, with a guideline value of Rs 266 per sq.ft. This figure increased to Rs 650 per sq.ft in 2003, marking a significant rise of 144%. The value further increased to Rs 900 per sq.ft in 2007, an increase of 38%. In 2012, the value rose substantially to Rs 4,500 per sq.ft, reflecting a remarkable increase of 400%. However, in 2017, the guideline value decreased to Rs 3,015 per sq.ft, showing a decline of 33%. The value then rose again to Rs 4,500 per sq.ft in 2023, and finally, it reached the current rate of Rs 5,000 per sq.ft in 2024, an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,780%. There are no figures available for revisions in the years not listed above for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,900 per sq.ft, placing Officers Colony 3rd Street's 2024 value above this median.

• Officers Colony 3rd Main Road: Rs 5,000 per sq.ft (2024)
• Officers Colony 4th Main Road: Rs 5,000 per sq.ft (2024)
• Officers Colony 4th Street: Rs 5,000 per sq.ft (2024)
• Officers Colony 2nd Street: Rs 5,000 per sq.ft (2024)
• Officers Colony 2nd Main Road: Rs 5,000 per sq.ft (2024)
• Officers Colony 5th Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Officers Colony 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 5,000 per sq.ft, the guideline value amounts to Rs 50,00,000. The stamp duty at 7% would be Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, totaling Rs 4,50,000. 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 3rd Street?

The Sub Registrar Office that covers Officers Colony 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is the minimum value set by the government for property transactions in Adambakkam. When buying or selling property, this value is used to determine the stamp duty and registration fees, ensuring that the transaction is recorded at a fair value.

During the registration process, the guideline value helps in calculating the applicable taxes and fees. It is important for buyers and sellers to be aware of this value to avoid any discrepancies during the property registration.

Frequently asked questions

What is the current guideline value of Officers Colony 3rd Street?

The current guideline value of Officers Colony 3rd Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 266 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, showing an overall increase of 1,780% over this period.

What is the land classification of Officers Colony 3rd Street?

Officers Colony 3rd Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Officers Colony 3rd Street?

The Sub Registrar Office for Officers Colony 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 50,00,000, the stamp duty at 7% would be Rs 3,50,000.