Guideline Value for Rajambal Colony 3rd Street

Rajambal Colony 3rd Street guideline value

The current guideline value for Rajambal Colony 3rd Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village and falls under the Selaiyur SRO. The land classification for this area is Commercial Class I Type - II.

How the guideline value of Rajambal Colony 3rd Street has changed

The guideline value for Rajambal Colony 3rd Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,200 per sq.ft, which was later reduced to Rs 1,474 per sq.ft in the 2017 revision. However, from 2017 to 2024, the guideline value increased significantly by 63% to reach the current figure of Rs 2,400 per sq.ft.

Overall, from the 2012 revision to the 2024 revision, the guideline value has seen a slight increase of 9%. It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value for these streets is Rs 2,400 per sq.ft, which is equal to the current guideline value for Rajambal Colony 3rd Street.

• Rajambal Colony 2nd Street: Rs 2,400 per sq.ft (2024)
• Rajambal Colony 4th Street: Rs 2,400 per sq.ft (2024)
• Rajambal Colony 1st Street: Rs 2,400 per sq.ft (2024)
• Rajambal Nagar: Rs 2,400 per sq.ft (2024)
• Rajambal Colony: Rs 2,400 per sq.ft (2024)
• Rajambal Nagar 1st Cross Street: Rs 2,400 per sq.ft (2024)

Stamp duty and registration fee for property in Rajambal Colony 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,400 per sq.ft, the total guideline value would be Rs 24,00,000. The stamp duty at 7% would amount to Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total cost together to Rs 2,16,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Rajambal Colony 3rd Street?

The Sub Registrar Office that covers Rajambal Colony 3rd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, within the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration process when buying or selling property in Madambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers must ensure that the sale price is either equal to or greater than the guideline value to comply with legal requirements.

When a property is registered, the guideline value helps in assessing the appropriate taxes and fees that need to be paid. This ensures transparency and fairness in property transactions, protecting both buyers and sellers in the process.

Frequently asked questions

What is the current guideline value for Rajambal Colony 3rd Street?

The current guideline value for Rajambal Colony 3rd Street is Rs 2,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,200 per sq.ft in 2012 to Rs 1,474 per sq.ft in 2017, and then increased to Rs 2,400 per sq.ft in 2024. Overall, there has been a 9% increase from 2012 to 2024.

What is the land classification for Rajambal Colony 3rd Street?

Rajambal Colony 3rd Street is classified as Commercial Class I Type - II, indicating its designated usage for commercial purposes.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 24,00,000, the stamp duty would be Rs 1,68,000, and the registration fee would be Rs 48,000, totaling Rs 2,16,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Rajambal Colony 3rd Street located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp to Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073. This office handles registrations for properties in the area.