Guideline Value for Railway Colony 1st Street

Railway Colony 1st Street guideline value

The current guideline value of Railway Colony 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - III.

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

The guideline value for Railway Colony 1st Street has seen several revisions over the years. In 2002, the guideline value was Rs 412 per sq.ft, which increased to Rs 470 per sq.ft in 2003. The value then rose significantly to Rs 900 per sq.ft in 2007, followed by a substantial jump to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017. The value increased again to Rs 3,500 per sq.ft in 2023, and finally, it reached Rs 3,900 per sq.ft in 2024.

Between these revisions, there have been notable changes. From 2002 to 2003, the increase was 14%. The value surged by 91% from 2003 to 2007, followed by a remarkable 289% increase from 2007 to 2012. However, there was a decline of 33% from 2012 to 2017. The value then saw a significant rise of 49% from 2017 to 2023, culminating in an increase of 11% from 2023 to 2024. Overall, from 2002 to 2024, the guideline value has increased by 847%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which aligns with the guideline value of Railway Colony 1st Street.

• Railway Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• Railway Colony 3rd Street: Rs 3,900 per sq.ft (2024)
• Railway Colony 4th layout: Rs 3,900 per sq.ft (2024)
• Railway Colony 4th Street: Rs 3,900 per sq.ft (2024)
• Railway Colony 5th Layout: Rs 3,900 per sq.ft (2024)
• Railway Colony 5th Street: Rs 3,900 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Railway Colony 1st Street?

The Sub Registrar Office that covers Railway Colony 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration process of property transactions in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value, as it can impact the overall cost of the transaction. Buyers should ensure that the sale price is higher than the guideline value to avoid any complications during registration.

Frequently asked questions

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

The current guideline value of Railway Colony 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 412 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting various increases and decreases over the years.

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

Railway Colony 1st Street is classified as Residential Class I Type - III.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a 1,000 sq.ft plot at the current guideline value would incur a stamp duty of Rs 2,73,000.