Guideline Value for RESERVE BANK COLONY

Reserve Bank Colony guideline value

The current guideline value of Reserve Bank Colony, located in Thiruvanmiyur village, is Rs 9,900 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Reserve Bank Colony has changed

Since the 2002 revision, the guideline value for Reserve Bank Colony has seen significant changes. The value started at Rs 1,249 per sq.ft in 2002 and increased to Rs 1,382 per sq.ft in 2003. Following this, the value rose to Rs 2,200 per sq.ft in 2007, then jumped dramatically to Rs 9,000 per sq.ft in 2012. However, it decreased to Rs 6,030 per sq.ft in 2017. The value then increased to Rs 9,000 per sq.ft in 2023, before reaching the current value of Rs 9,900 per sq.ft in 2024.

In terms of percentage changes, the guideline value increased by 10% from 2023 to 2024, by 49% from 2017 to 2023, decreased by 33% from 2012 to 2017, and saw a substantial increase of 309% from 2007 to 2012. The value also rose by 59% from 2003 to 2007 and by 11% from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 693%.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median value is Rs 9,900 per sq.ft, which is equal to the current value of Reserve Bank Colony.

• Renganathapuram (Indra Nagar): Rs 9,900 per sq.ft (2024)
• Renganathapuram: Rs 9,900 per sq.ft (2024)
• Rathinam Nagar 9th West Street: Rs 9,900 per sq.ft (2024)
• Rathinam Nagar 8th West Street: Rs 9,900 per sq.ft (2024)
• Rathinam Nagar 7th West Street: Rs 9,900 per sq.ft (2024)
• Rathinam Nagar 4th West Street: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Reserve Bank Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 9,900 per sq.ft, the total guideline value would be Rs 99,00,000. The stamp duty at 7% would amount to Rs 6,93,000, and the registration fee at 2% would be Rs 1,98,000, bringing the total to Rs 8,91,000. 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 Reserve Bank Colony?

The Reserve Bank Colony falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Thiruvanmiyur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that must be paid at the time of registration. This ensures that the government receives the appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value, as it can affect the total cost of purchasing or selling a property. Understanding this value helps in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Reserve Bank Colony?

The current guideline value of Reserve Bank Colony is Rs 9,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,249 per sq.ft in 2002 to Rs 9,900 per sq.ft in 2024, reflecting an overall increase of 693% over this period.

What is the classification of Reserve Bank Colony?

Reserve Bank Colony is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.

What is the stamp duty rate for properties in Reserve Bank Colony?

The stamp duty rate for properties in Reserve Bank Colony is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Reserve Bank Colony?

The Sub Registrar Office covering Reserve Bank Colony is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.