Guideline Value for Reserve Bank Colony (Kamarajar Salai)

Reserve Bank Colony (Kamarajar Salai) guideline value

The current guideline value of Reserve Bank Colony (Kamarajar Salai) is Rs 5,500 per sq.ft, effective from 1 July 2024. This property is located in Kodambakkam village, under the Ashok Nagar SRO, and is classified as Residential Class III Type - I.

How the guideline value of Reserve Bank Colony (Kamarajar Salai) has changed

The guideline value for Reserve Bank Colony (Kamarajar Salai) has undergone several revisions over the years. In 2007, the guideline value was Rs 1,460 per sq.ft. This figure saw a substantial increase to Rs 5,000 per sq.ft in 2012, marking a rise of 242%. However, in 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%. The value then increased significantly to Rs 5,000 per sq.ft in 2023, followed by another increase to Rs 5,500 per sq.ft in 2024, representing a 10% rise.

There are no figures available for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 277%.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 4,900 per sq.ft, placing Reserve Bank Colony (Kamarajar Salai) above this median.

• River Side Street (Atrankarai Street) (Chariman Vasudevan Nagar): Rs 4,900 per sq.ft (2024)
• River side Street (Parallel to Kasi Theatre Bridge): Rs 4,900 per sq.ft (2024)
• Reddy Kuppam Road: Rs 4,900 per sq.ft (2024)
• R.K. Shanmugam Salai: Rs 8,800 per sq.ft (2024)
• R.K. Shanmugam Salai Extension: Rs 8,800 per sq.ft (2024)
• R.C. Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Reserve Bank Colony (Kamarajar Salai)

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 amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Reserve Bank Colony (Kamarajar Salai)?

The Sub Registrar Office that covers Reserve Bank Colony (Kamarajar Salai) is the Ashok Nagar 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 Kodambakkam

The guideline value is a crucial factor when buying or selling property in Kodambakkam. It serves as a benchmark for determining the minimum value at which a property can be sold and is used to calculate stamp duty and registration fees during the registration process.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Reserve Bank Colony (Kamarajar Salai)?

The current guideline value of Reserve Bank Colony (Kamarajar Salai) 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 changed from Rs 1,460 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, with various revisions in between, including a peak of Rs 5,000 per sq.ft in 2012 and a decrease to Rs 3,350 per sq.ft in 2017.

What is the land classification for Reserve Bank Colony (Kamarajar Salai)?

Reserve Bank Colony (Kamarajar Salai) is classified as Residential Class III Type - I.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 4,95,000.

Where can I find the Sub Registrar Office for this area?

The Ashok Nagar Sub Registrar Office covers Reserve Bank Colony (Kamarajar Salai) and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.