Guideline Value for Professor Colony 2nd Street

Professor Colony 2nd Street guideline value

The current guideline value for Professor Colony 2nd Street is Rs 3,500 per sq.ft, effective from 1 July 2024. This street is located in Selaiyur village, under the Selaiyur SRO, and is classified as Residential Special Type - IV.

How the guideline value of Professor Colony 2nd Street has changed

The guideline value for Professor Colony 2nd Street has undergone several revisions over the years. In 2007, the guideline value was Rs 450 per sq.ft, which increased significantly to Rs 3,300 per sq.ft in 2012. However, this value saw a decrease to Rs 2,211 per sq.ft in 2017. The 2023 revision set the value at Rs 3,300 per sq.ft, and the most recent 2024 revision has raised it to Rs 3,500 per sq.ft.

Examining the changes, from 2007 to 2012, the value increased by 633%. From 2012 to 2017, there was a decline of 33%. The value then rose by 49% from 2017 to 2023, and finally, there was a 6% increase from 2023 to 2024. The overall change from 2007 to 2024 is an increase of 678%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Selaiyur

In Selaiyur, there are 478 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 850 to Rs 6,500 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value for Professor Colony 2nd Street is above this median.

• Professor Colony 2nd Main Road: Rs 3,500 per sq.ft (2024)
• Professor Colony 3rd Cross Street: Rs 3,500 per sq.ft (2024)
• Professor Colony 2nd Cross Street: Rs 3,500 per sq.ft (2024)
• Professor Colony 3rd Main Road: Rs 3,500 per sq.ft (2024)
• Professor Colony 1st Street: Rs 3,500 per sq.ft (2024)
• Professor Colony 3rd Street: Rs 3,500 per sq.ft (2024)

Stamp duty and registration fee for property in Professor Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,500 per sq.ft, the total guideline value would be Rs 35,00,000. The stamp duty at 7% would amount to Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, totaling Rs 3,15,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Professor Colony 2nd Street?

The Sub Registrar Office that covers Professor Colony 2nd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor when buying or selling property in Selaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the stamp duty, which is a percentage of the guideline value or the sale price, whichever is higher. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value for Professor Colony 2nd Street?

The current guideline value for Professor Colony 2nd Street is Rs 3,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 450 per sq.ft in 2007 to Rs 3,500 per sq.ft in 2024, reflecting an overall increase of 678% over the years.

What is the land classification for Professor Colony 2nd Street?

Professor Colony 2nd Street is classified as Residential Special Type - IV.

Where can I find the Selaiyur Sub Registrar Office?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 35,00,000, the stamp duty at 7% would be Rs 2,45,000.