Guideline Value for Officers Colony Main Road

Officers Colony Main Road guideline value

The current guideline value of Officers Colony Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This property is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Officers Colony Main Road has changed

The guideline value for Officers Colony Main Road has seen several revisions over the years. In the 2017 revision, the value was set at Rs 2,680 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 has further increased the guideline value to Rs 4,400 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which matches the current value for Officers Colony Main Road.

• Officers Colony: Rs 4,400 per sq.ft (2024)
• NSK Street: Rs 4,400 per sq.ft (2024)
• NSK Nagar 3rd Street / Nehru Nagar Part - 2: Rs 4,400 per sq.ft (2024)
• NSK Nagar 3rd Street: Rs 4,400 per sq.ft (2024)
• NSK Nagar 2nd Street / Nehru Nagar Part - 2: Rs 4,400 per sq.ft (2024)
• NSK Nagar 2nd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Officers Colony Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Officers Colony Main Road?

The Officers Colony Main Road falls under the jurisdiction of the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value of properties, ensuring that transactions are recorded at a fair price according to government standards.

When buying or selling property, the guideline value influences the stamp duty and registration fees payable. Buyers need to be aware of the current guideline value to accurately calculate their expenses during the transaction process.

Frequently asked questions

What is the current guideline value of Officers Colony Main Road?

The current guideline value of Officers Colony Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024, reflecting a total increase of 64% over this period.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What other streets have the same guideline value in Velachery?

Other streets in Velachery with a guideline value of Rs 4,400 per sq.ft include NSK Street, NSK Nagar 3rd Street, and NSK Nagar 2nd Street, among others.