Guideline Value for Railway Colony

Railway Colony guideline value

The current guideline value of Railway Colony, located in Adayar village under the Adayar SRO, is Rs 5,500 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area is classified as Residential Class IV 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 2007 revision set the rate at Rs 2,500 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012, marking a significant rise of 100%. However, the value then decreased to Rs 3,350 per sq.ft in 2017, reflecting a drop of 33%. The value increased again to Rs 5,000 per sq.ft in 2023, and most recently to Rs 5,500 per sq.ft in 2024, showing a 10% increase.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 120%.

Guideline values in Adayar

In Adayar, there are 92 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft, with a median value of Rs 6,100 per sq.ft. The guideline value for Railway Colony is below this median.

• Race View Road: Rs 9,400 per sq.ft (2024)
• Race Course Road: Rs 9,400 per sq.ft (2024)
• Race Course Extension Colony 1st Street: Rs 6,600 per sq.ft (2024)
• Race Course Extension 2nd Street: Rs 6,600 per sq.ft (2024)
• Ponni Ammal Kovil Street: Rs 6,600 per sq.ft (2024)
• Pondicherry Road: Rs 6,600 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 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, resulting in a total of Rs 4,95,000. 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 more details.

Which Sub Registrar Office covers Railway Colony?

The Railway Colony area is covered by the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. To find your SRO, you can visit find your SRO.

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

The guideline value is a critical factor during property registration in Adayar. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property. Buyers and sellers should be aware that the guideline value can influence the overall cost of the transaction.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Railway Colony?

The current guideline value of Railway Colony is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,500 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, representing an overall increase of 120% over this period.

What is the land classification for Railway Colony?

Railway Colony is classified as Residential Class IV Type - I according to the guideline value register.

Where can I find the Adayar Sub Registrar Office?

The Adayar Sub Registrar Office is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is stamp duty calculated for properties in Railway Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 55,00,000 would incur a stamp duty of Rs 3,85,000 at a rate of 7%.