Guideline Value for Railway Colony

Railway Colony guideline value

The current guideline value of Railway Colony, located in Zaminpallavaram village under the Pallavaram SRO, is Rs 3,520 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Railway Colony has changed

The guideline value for Railway Colony has seen several revisions over the years. The earliest recorded figure is from 2003, when the guideline value was Rs 554 per sq.ft. This value increased to Rs 1,000 per sq.ft in 2007, marking an increase of 81%. The next revision in 2012 maintained the value at Rs 3,200 per sq.ft, showing no change from the previous year. In 2023, the value remained at Rs 3,200 per sq.ft, but in 2024, it rose to Rs 3,520 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 535%. It is important to note that there are no recorded figures for the revisions in 2002 and 2017 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Railway Colony's 2024 figure above this median.

• Rajaji Cross Street: Rs 3,300 per sq.ft (2024)
• Rajaji Street: Rs 3,300 per sq.ft (2024)
• Raja Joseph Colony: Rs 3,300 per sq.ft (2024)
• Raghupathy Street: Rs 3,520 per sq.ft (2024)
• Raghu Colony: Rs 3,300 per sq.ft (2024)
• Radhapuram Ammal Layout: Rs 3,300 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 3,520 per sq.ft, the total guideline value would be Rs 35,20,000. The stamp duty at 7% would amount to Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, bringing the total fees to Rs 3,16,800. 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?

The Railway Colony falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, ensuring that the transaction complies with the regulations set forth by the Registration Department. Buyers and sellers must be aware of the current guideline value to ensure accurate financial planning during the transaction.

Frequently asked questions

What is the current guideline value of Railway Colony?

The current guideline value of Railway Colony is Rs 3,520 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly from Rs 554 per sq.ft in 2003 to Rs 3,520 per sq.ft in 2024, representing an overall increase of 535% over this period.

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

For a property valued at Rs 35,20,000, the stamp duty at 7% would be Rs 2,46,400, and the registration fee at 2% would be Rs 70,400, totaling Rs 3,16,800.

Which Sub Registrar Office covers Railway Colony?

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

What is the land classification of Railway Colony?

Railway Colony is classified as Residential Class I Type - I, indicating its suitability for residential development.