Guideline Value for Railway Colony 2nd Street

Railway Colony 2nd Street guideline value

The current guideline value of Railway Colony 2nd 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 2nd Street has changed

The guideline value of Railway Colony 2nd Street has seen several revisions over the years. The earliest recorded figure in 2002 was Rs 412 per sq.ft, which increased to Rs 470 per sq.ft in 2003. Following this, there was a significant rise to Rs 900 per sq.ft in 2007, and by 2012, the value increased further to Rs 3,500 per sq.ft. However, there was a decrease to Rs 2,345 per sq.ft in 2017. The value then rose to Rs 3,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 3,900 per sq.ft. Notably, there are no figures available for the years not mentioned in this register.

From 2017 to 2023, the guideline value increased by 49%, while from 2023 to 2024, it rose by 11%. The most significant change occurred from 2007 to 2012, where the value surged by 289%. 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 for these streets is Rs 3,900 per sq.ft, which is equal to the current guideline value of Railway Colony 2nd Street.

• Railway Colony 1st 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 2nd Street

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

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Railway Colony 2nd Street?

The Sub Registrar Office that covers Railway Colony 2nd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is recorded accurately for taxation purposes.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

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 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the earliest figure in 2002 being Rs 412 per sq.ft, rising to Rs 3,900 per sq.ft in 2024. Notable changes include a 49% increase from 2017 to 2023 and an 11% increase from 2023 to 2024.

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

Railway Colony 2nd Street is classified as Residential Class I Type - III under the Alandur SRO.

What are the stamp duty and registration fees for a property in Railway Colony 2nd Street?

For a 1,000 sq.ft plot, the total guideline value is Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000.

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

The Alandur Sub Registrar Office covers Railway Colony 2nd Street and is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.