Guideline Value for Officers Colony

Officers Colony guideline value

The current guideline value of Officers Colony in Padappai village is Rs 830 per sq.ft, effective from 1 July 2024. This area falls under the Padappai SRO and is classified as Residential Class III Type - I.

How the guideline value of Officers Colony has changed

The guideline value of Officers Colony has seen significant changes over the years. In 2003, the guideline value was Rs 40 per sq.ft, which increased to Rs 50 per sq.ft in 2007, marking a remarkable increase of 1400%. By 2012, the value rose to Rs 750 per sq.ft, but then it dropped to Rs 502 per sq.ft in 2017, reflecting a decrease of 33%. The 2023 revision set the value at Rs 750 per sq.ft, which increased by 11% to Rs 830 per sq.ft in 2024.

Overall, from 2003 to 2024, the guideline value has increased by 1975%. The register does not have a figure for the year 2002 for this street.

Guideline values in Padappai

In Padappai, there are 146 streets under the Padappai SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 4,000 per sq.ft. The median value is Rs 830 per sq.ft, which matches the guideline value of Officers Colony.

• N.S.K.Street: Rs 830 per sq.ft (2024)
• Om Shakthi Nagar: Rs 830 per sq.ft (2024)
• Om Shakthi Nagar Phase II: Rs 830 per sq.ft (2024)
• Ottirai Vadai Street: Rs 830 per sq.ft (2024)
• N.G.O. Colony: Rs 1,320 per sq.ft (2024)
• Nethaji Nagar: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Officers Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 830 per sq.ft, the total guideline value amounts to Rs 8,30,000. The stamp duty at 7% would be Rs 58,100, while the registration fee at 2% would be Rs 16,600, bringing the total fees to Rs 74,700. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Officers Colony?

The Officers Colony is covered by the Padappai Sub Registrar Office located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Padappai. It is used to determine the stamp duty and registration fees that are payable when buying or selling property in the area. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared with the sale price, and the higher of the two amounts is used to calculate the applicable stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Officers Colony?

The current guideline value of Officers Colony is Rs 830 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2003, the guideline value has increased significantly, from Rs 40 per sq.ft to Rs 830 per sq.ft in 2024, representing an overall increase of 1975%.

What is the stamp duty rate for properties in Officers Colony?

The stamp duty rate for properties in Officers Colony is 7% of the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office covering Officers Colony is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

What are the other streets in Padappai with similar guideline values?

Other streets in Padappai, such as N.S.K.Street, Om Shakthi Nagar, and Ottirai Vadai Street, also have a guideline value of Rs 830 per sq.ft in 2024.