Guideline Value for PIONEER COLONY

Pioneer Colony guideline value

The current guideline value of Pioneer Colony, located in Padi village under the Villivakkam SRO, is Rs 13,100 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Pioneer Colony has changed

The guideline value for Pioneer Colony has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 1,250 per sq.ft. It increased to Rs 1,750 per sq.ft in 2003, marking a 40% rise. In 2007, it jumped significantly to Rs 1,800 per sq.ft, a change of 3%. The 2012 revision saw the value increase to Rs 12,000 per sq.ft, a substantial 567% increase. However, in 2017, the value dropped to Rs 8,040 per sq.ft, reflecting a decrease of 33%. The guideline value then rose again to Rs 12,000 per sq.ft in 2023, before reaching the current value of Rs 13,100 per sq.ft in 2024, which is a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 948%. There are no figures available for the years not listed in the register for this street.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft, with a median value of Rs 3,800 per sq.ft. The guideline value for Pioneer Colony is above this median.

• Platinum Apartments (Estate Road): Rs 9,900 per sq.ft (2024)
• PILLAIYAR KOIL STREET (After Coovam River): Rs 5,400 per sq.ft (2024)
• Ponniyamman Koil Street: Rs 2,500 per sq.ft (2024)
• Prashanthi Apartments: Rs 8,200 per sq.ft (2024)
• Periyar Nagar (Padikuppam): Rs 2,200 per sq.ft (2024)
• Periyar Nagar (Near Canal-Slums) & Peariyar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Pioneer Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 13,100 per sq.ft, the total guideline value would be Rs 1,31,00,000. The stamp duty at 7% would be Rs 9,17,000, and the registration fee at 2% would be Rs 2,62,000, totaling Rs 11,79,000. It is important to 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 more details.

Which Sub Registrar Office covers Pioneer Colony?

The Pioneer Colony is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Padi. It is used to determine the stamp duty and registration fees applicable during the property transaction. Buyers must ensure that the sale price is at least equal to the guideline value to avoid any discrepancies during registration.

When registering a property, the guideline value is considered the minimum value for taxation purposes. This means that even if the sale price is lower, the buyer will still be liable to pay duties based on the guideline value, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Pioneer Colony?

The current guideline value of Pioneer Colony is Rs 13,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,250 per sq.ft in 2002 to Rs 13,100 per sq.ft in 2024, which is an overall increase of 948%.

What is the land classification of Pioneer Colony?

Pioneer Colony is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for property in Pioneer Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total stamp duty would be Rs 9,17,000 at 7% of the guideline value.