Guideline Value for RAILWAY COLONY 2ND STREET

Railway Colony 2nd Street guideline value

The current guideline value of Railway Colony 2nd Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village, under the Kodambakkam SRO, and falls under the Mixed Type - I land classification.

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

The guideline value for Railway Colony 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where it was Rs 841 per sq.ft. This increased to Rs 1,620 per sq.ft in 2003, marking a significant rise of 93%. The value then rose to Rs 2,400 per sq.ft in 2007, which was an increase of 48%. Following this, the 2012 revision saw the value drop to Rs 7,000 per sq.ft, a decrease of 33%. The guideline value then increased to Rs 4,690 per sq.ft in 2017, followed by a substantial jump to Rs 7,000 per sq.ft in 2023, and finally reaching Rs 7,700 per sq.ft in 2024, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 816%. There are no figures available for the years not listed in the register for this street.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 6,600 per sq.ft, and Railway Colony 2nd Street's 2024 figure is above this median.

• Railway Colony 2nd Street Extension: Rs 7,700 per sq.ft (2024)
• Railway Colony 1st Street: Rs 7,700 per sq.ft (2024)
• Railway Colony 3rd Street: Rs 7,700 per sq.ft (2024)
• Railway Colony 3rd Street Extension: Rs 7,700 per sq.ft (2024)
• Railway Colony 4th Street: Rs 7,700 per sq.ft (2024)
• Rajaram Metha Nagar - Amman Koil Street: Rs 6,600 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, making a total of Rs 6,93,000. Duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Railway Colony 2nd Street?

The Sub Registrar Office that covers Railway Colony 2nd Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is an important factor in property transactions in Vadaagaram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

During the registration process, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Railway Colony 2nd Street?

The current guideline value of Railway Colony 2nd Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 841 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 816% over the years.

What are the other streets in Vadaagaram with the same guideline value?

Other streets in Vadaagaram with the same guideline value of Rs 7,700 per sq.ft include Railway Colony 2nd Street Extension, Railway Colony 1st Street, Railway Colony 3rd Street, Railway Colony 3rd Street Extension, and Railway Colony 4th Street.

What fees are associated with buying property in Railway Colony 2nd Street?

When buying property, the buyer must pay stamp duty at 7% and a registration fee at 2% based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Railway Colony 2nd Street?

The Sub Registrar Office for Railway Colony 2nd Street is located at the Kodambakkam Sub Registrar Office, 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.