Guideline Value for Railway Colony 3rd Street

Railway Colony 3rd Street guideline value

The current guideline value of Railway Colony 3rd 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 it falls under the Residential Class I Type - III land classification.

How the guideline value of Railway Colony 3rd Street has changed

The guideline value for Railway Colony 3rd Street has undergone several revisions over the years. In 2002, the guideline value was Rs 412 per sq.ft. This increased to Rs 470 per sq.ft in 2003, marking a change of +14%. By 2007, the value had risen significantly to Rs 900 per sq.ft, representing a +91% increase. The value then saw a substantial jump to Rs 3,500 per sq.ft in 2012, which was a +289% increase. However, in 2017, the guideline value decreased to Rs 2,345 per sq.ft, reflecting a -33% change. The value rose again to Rs 3,500 per sq.ft in 2023, and finally, the current value is Rs 3,900 per sq.ft as of the 2024 revision, indicating an +11% increase from the previous year.

There are no figures available for the revisions of this street for the years not mentioned in the register. The overall change from 2002 to 2024 is +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 guideline value is Rs 3,900 per sq.ft, which is equal to the current value of Railway Colony 3rd Street.

• Railway Colony 1st Street: Rs 3,900 per sq.ft (2024)
• Railway Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• Railway Colony 4th Street: Rs 3,900 per sq.ft (2024)
• Railway Colony 4th layout: 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 3rd 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 cost for these fees 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Railway Colony 3rd Street?

The Sub Registrar Office that covers Railway Colony 3rd 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 is a crucial factor in property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value during negotiations to ensure compliance with registration requirements.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are recorded accurately and transparently, following the regulations set forth by the Registration Department.

Frequently asked questions

What is the current guideline value of Railway Colony 3rd Street?

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

How has the guideline value changed over the years?

Over the years, the guideline value has seen various changes, from Rs 412 per sq.ft in 2002 to the current Rs 3,900 per sq.ft in 2024, reflecting an overall increase of +847% since 2002.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000, and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles the registration for Railway Colony 3rd Street?

The Alandur Sub Registrar Office is responsible for handling registrations for Railway Colony 3rd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the significance of the guideline value in property transactions?

The guideline value is essential as it determines the minimum value for property registration and is used to calculate stamp duty and registration fees during property transactions in Adambakkam.