Guideline Value for Railway Colony

Railway Colony guideline value

The current guideline value of Railway Colony, located in Issa Pallavaram village under the Pallavaram SRO, is Rs 3,300 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - II land classification.

How the guideline value of Railway Colony has changed

The guideline value for Railway Colony has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 875 per sq.ft. This increased to Rs 900 per sq.ft in 2007, and then saw a significant rise to Rs 3,000 per sq.ft in 2012. However, it dropped to Rs 2,010 per sq.ft in 2017. The value then increased to Rs 3,000 per sq.ft in 2023, and currently stands at Rs 3,300 per sq.ft from the 2024 revision. Notably, there is no figure available for the year 2002 in the register for this street.

Between the revisions, there have been notable changes. From 2003 to 2007, the value increased by 3%. The jump from 2007 to 2012 was substantial at 233%, but it then decreased by 33% from 2012 to 2017. The value saw a significant increase of 49% from 2017 to 2023, and the latest revision from 2023 to 2024 reflects a 10% increase. Overall, from 2003 to 2024, the guideline value has risen by 277%.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, which is equal to the current value of Railway Colony.

• Railway Station Cross Street: Rs 4,950 per sq.ft (2024)
• Railway Station Road: Rs 4,950 per sq.ft (2024)
• Purusothaman Street: Rs 3,300 per sq.ft (2024)
• Pudu Street: Rs 4,400 per sq.ft (2024)
• P.P.Amman Koil St, Western Portion: Rs 3,300 per sq.ft (2024)
• Ramaswamy Kuttai Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Railway Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty, calculated at 7%, would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Railway Colony?

The Railway Colony is covered by the Pallavaram Sub Registrar Office located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Issa Pallavaram, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is used as a benchmark to assess the value of the property, ensuring that the appropriate fees are calculated based on this value.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. Proper understanding of these values can aid in better financial planning during the buying or selling process.

Frequently asked questions

What is the current guideline value of Railway Colony?

The current guideline value of Railway Colony is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 875 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting a significant overall increase of 277% over this period.

What is the land classification for Railway Colony?

Railway Colony falls under the Residential Class I Type - II land classification.

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

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000.

Which office handles registrations for Railway Colony?

The Pallavaram Sub Registrar Office handles registrations for Railway Colony, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.