Guideline Value for Railway Colony

Railway Colony guideline value

The current guideline value of Railway Colony in Ayanavaram village is Rs 4,400 per sq.ft, effective from 1 July 2024. This area falls under the AnnaNagar SRO and is classified as Residential Class II Type - I.

How the guideline value of Railway Colony has changed

The guideline value for Railway Colony has seen several revisions over the years. In 2002, the value was Rs 624 per sq.ft, which increased to Rs 700 per sq.ft in 2003. The value then rose significantly to Rs 1,200 per sq.ft in 2007, followed by a substantial increase to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017. The following revisions saw an increase, with the value rising to Rs 4,000 per sq.ft in 2023 and then reaching Rs 4,400 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 605%. Notably, there are no figures available for the years between these revisions for Railway Colony.

Guideline values in Ayanavaram

Ayanavaram has a total of 369 streets under the AnnaNagar SRO, with 2024 guideline values ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Railway Colony's 2024 figure below that median.

• Raja BoothStreet, Chennai 82: Rs 4,400 per sq.ft (2024)
• Rajaji Street, Chennai 82: Rs 4,400 per sq.ft (2024)
• Puthu Nagar (New nagar)Ist Street: Rs 4,900 per sq.ft (2024)
• Puthu Nagar (New nagar)2nd Street & 3 Street: Rs 4,900 per sq.ft (2024)
• Punitha Sagaya Madha Street, 27th Street, G.K.M.Colony: Rs 4,400 per sq.ft (2024)
• Poosanam Street: Rs 4,900 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 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. 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 is covered by the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Ayanavaram. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership.

It is important for buyers and sellers to be aware of the current guideline value, as it directly affects the costs associated with property transactions. Ensuring that the property is registered at the correct guideline value helps in avoiding any legal complications in the future.

Frequently asked questions

What is the current guideline value of Railway Colony?

The current guideline value of Railway Colony is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 624 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 605% over this period.

What is the land classification of Railway Colony?

Railway Colony is classified as Residential Class II Type - I under the AnnaNagar SRO.

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

The Sub Registrar Office covering Railway Colony is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.