Guideline Value for Postal Colony 1st Street

Postal Colony 1st Street guideline value

The current guideline value of Postal Colony 1st Street is Rs 7,000 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village, under the Ashok Nagar SRO, and falls under the Residential Special Type - III land classification.

How the guideline value of Postal Colony 1st Street has changed

The guideline value for Postal Colony 1st Street has undergone several revisions over the years. In 2007, the value was Rs 1,860 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, it then decreased to Rs 4,355 per sq.ft in 2017. The value saw a substantial rise to Rs 6,500 per sq.ft in 2023, followed by the latest revision in 2024, where it reached Rs 7,000 per sq.ft.

Between the revisions, there were notable changes: from 2007 to 2012, the value increased by 249%, but then decreased by 33% from 2012 to 2017. The value rose by 49% from 2017 to 2023, and from 2023 to 2024, it increased by 8%. Overall, the guideline value has increased by 276% from 2007 to 2024. There are no figures available for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value is Rs 4,900 per sq.ft, indicating that Postal Colony 1st Street's 2024 figure of Rs 7,000 per sq.ft is above this median.

• Postal Colony 2nd Street: Rs 7,000 per sq.ft (2024)
• Postal Colony 3rd Street (Telepost colony): Rs 7,000 per sq.ft (2024)
• Postal Colony 4th Street: Rs 7,000 per sq.ft (2024)
• Postal Colony Cross Street: Rs 7,000 per sq.ft (2024)
• Poppili Raja Street: Rs 7,700 per sq.ft (2024)
• Poosti Street Block 81: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Postal Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,000 per sq.ft, the total guideline value amounts to Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, totaling Rs 6,30,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Postal Colony 1st Street?

The Sub Registrar Office that covers Postal Colony 1st Street is the Ashok Nagar 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 Kodambakkam

The guideline value plays a crucial role during property transactions in Kodambakkam. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these fees are based on an officially recognized value.

It is essential for buyers and sellers to be aware of the current guideline value as it directly affects the costs associated with property transactions. Accurate knowledge of the guideline value can help in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Postal Colony 1st Street?

The current guideline value of Postal Colony 1st Street is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,860 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, with several revisions in between, including a decrease from 2012 to 2017.

What is the land classification for Postal Colony 1st Street?

Postal Colony 1st Street is classified as Residential Special Type - III.

Where can I find the registration office for Postal Colony 1st Street?

The registration office for Postal Colony 1st Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in Postal Colony 1st Street?

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 guideline value of Rs 7,000 per sq.ft, the total guideline value would be Rs 70,00,000, leading to a stamp duty of Rs 4,90,000.