Guideline Value for Officers Colony

Officers Colony guideline value

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

How the guideline value of Officers Colony has changed

The guideline value for Officers Colony has seen significant changes over the years. In 2003, the guideline value was Rs 625 per sq.ft, which increased to Rs 2,200 per sq.ft in 2007, marking a substantial rise of 252%. This was followed by a further increase to Rs 2,680 per sq.ft in 2017, which represented a 22% increase from the previous revision. In 2023, the value reached Rs 4,000 per sq.ft, reflecting a 49% increase from 2017.

The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, indicating a 10% increase from 2023. It is important to note that there are no figures available for the years 2002 and 2012 for this street.

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 value is Rs 4,400 per sq.ft, which is equal to the current guideline value for Officers Colony.

• Officers Colony Main Road: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Please note that the 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 further calculations.

Which Sub Registrar Office covers Officers Colony?

The Officers Colony is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role during property registration in Velachery. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware that the guideline value is a significant factor in the overall transaction process.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the registration reflects the true value of the property being transferred.

Frequently asked questions

What is the current guideline value for Officers Colony?

The current guideline value for Officers Colony 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 625 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 604% over the years.

What is the land classification for Officers Colony?

Officers Colony is classified as Residential Class II Type - II.

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.

How is stamp duty calculated for properties in Officers Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.