Guideline Value for Postal Colony

Postal Colony guideline value

The current guideline value of Postal Colony, located in Nemilicherry village under the Pallavaram SRO, is Rs 2,420 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Postal Colony has changed

Over the years, the guideline value of Postal Colony has seen several revisions. The earliest recorded value was Rs 1,250 per sq.ft in 2007. This increased significantly to Rs 2,200 per sq.ft in 2012, marking a 76% rise. However, the value then dropped to Rs 1,474 per sq.ft in 2017, a decrease of 33%. Following this, there was a substantial increase to Rs 2,200 per sq.ft in 2023, and the latest revision in 2024 has set the value at Rs 2,420 per sq.ft, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, the value increased by 49%, and overall, from 2007 to 2024, there has been an increase of 94%. This indicates that the guideline value has fluctuated significantly over the years, with the most recent value being the highest recorded for Postal Colony.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 1,100 to Rs 3,300 per sq.ft. The median value is Rs 2,160 per sq.ft, positioning Postal Colony's 2024 guideline value above this median.

• Poonga Street: Rs 2,160 per sq.ft (2024)
• P.T.C.Quarters: Rs 2,200 per sq.ft (2024)
• PURUSHOTHAMAN NAGAR 1sT STREET: Rs 2,200 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 2,200 per sq.ft (2024)
• Quarry Street: Rs 1,100 per sq.ft (2024)
• Rabhin Nagar: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Postal Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, and the registration fee at 2% would be Rs 48,400, bringing the total cost for these fees to Rs 2,17,800. 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 detailed calculations based on your specific property.

Which Sub Registrar Office covers Postal Colony?

The Sub Registrar Office that covers Postal Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of properties in Nemilicherry. It serves as the minimum value on which stamp duty and registration fees are calculated. Buyers and sellers must be aware that the guideline value can affect the overall cost of property transactions.

When purchasing property, the guideline value ensures that the transaction is recorded at a fair value as determined by the government. It is essential for both parties to consider this value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Postal Colony?

The current guideline value of Postal Colony is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,250 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, reflecting an overall increase of 94% over the years.

What is the median guideline value in Nemilicherry?

The median guideline value in Nemilicherry is Rs 2,160 per sq.ft for the year 2024.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value incurs a total fee of Rs 2,17,800.