Guideline Value for Raj Bhavan Colony

Raj Bhavan Colony guideline value

The current guideline value of Raj Bhavan Colony is Rs 13,200 per sq.ft, effective from 1 July 2024. This area is located in Velachery village and falls under the Velacheri SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of Raj Bhavan Colony has changed

The guideline value of Raj Bhavan Colony has seen significant changes over the years. Starting from the 2003 revision, where the value was Rs 1,212 per sq.ft, it increased to Rs 2,000 per sq.ft in 2007, marking a change of +65%. The next revision in 2012 saw a substantial rise to Rs 12,000 per sq.ft, which is an increase of +500% from the previous figure. The most recent revision in 2024 has set the guideline value at Rs 13,200 per sq.ft, reflecting a +10% increase from 2012.

It is important to note that there are no figures available for the years 2002, 2017, and 2023 for this street. Overall, from the 2003 revision to the 2024 revision, the guideline value has increased by +989%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Raj Bhavan Colony's 2024 figure of Rs 13,200 per sq.ft is significantly above this median.

• Raja Street in Seethapathy Nagar: Rs 4,950 per sq.ft (2024)
• Raja Street: Rs 4,950 per sq.ft (2024)
• Raja Sethupathypuram 2nd Cross street: Rs 3,850 per sq.ft (2024)
• Raja Sethupathypuram 1st Cross street: Rs 3,850 per sq.ft (2024)
• Rajeshwari Nagar: Rs 3,850 per sq.ft (2024)
• Rajiv Gandhi Nagar Amman Koil Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Raj Bhavan Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 13,200 per sq.ft, the total guideline value amounts to Rs 1,32,00,000. The stamp duty at 7% would be Rs 9,24,000, and the registration fee at 2% would be Rs 2,64,000, bringing the total to Rs 11,88,000. Please note that the duty is charged on the higher of the guideline value or the sale price.

For more details on calculating the stamp duty and registration fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Raj Bhavan Colony?

The Sub Registrar Office that covers Raj Bhavan Colony is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor when buying or selling property in Velachery, as it determines the minimum value at which a property can be registered. When a sale occurs, the stamp duty and registration fees are calculated based on this guideline value or the sale price, whichever is higher.

It is crucial for buyers and sellers to be aware of the guideline value, as it impacts the overall cost of property transactions. Ensuring that the property is registered at the correct guideline value helps in maintaining transparency and legality in real estate dealings.

Frequently asked questions

What is the current guideline value of Raj Bhavan Colony?

The current guideline value of Raj Bhavan Colony is Rs 13,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,212 per sq.ft in 2003 to Rs 13,200 per sq.ft in 2024, marking an overall increase of +989% over the years.

What is the land classification for Raj Bhavan Colony?

Raj Bhavan Colony is classified as Commercial Class I Type - I, indicating its designation for commercial use.

Where can I find the Sub Registrar Office for Raj Bhavan Colony?

The Velacheri Sub Registrar Office covers Raj Bhavan Colony, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the stamp duty calculated for properties in Raj Bhavan Colony?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 1,32,00,000, the stamp duty at 7% would be Rs 9,24,000.