Guideline Value

Corporate

Guideline Value for Reserve Bank Colony

₹2200/sq.ft.

The guideline value for Reserve Bank Colony in Madipakkam-1 village (Velacheri SRO, Chennai zone) is Rs 2200 per sq.ft, effective 1 July 2024. It was Rs 2000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Madipakkam-1

Village

Velacheri

SRO

Residential Class II Type - I
History
Period Guideline Value
From 1-7-2024 ₹2200 /sq.ft.
From 1-4-2023 ₹2000 /sq.ft.
From 9-6-2017 To 31-3-2023 N/A
From 1-4-2012 To 8-6-2017 N/A
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 N/A
From 1-4-2002 To 31-3-2003 N/A
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on Reserve Bank Colony

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Reserve Bank Colony guideline value

The current guideline value of Reserve Bank Colony, located in Madipakkam-1 village under the Velacheri SRO, is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Reserve Bank Colony has changed

The guideline value for Reserve Bank Colony has seen several revisions over the years. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was Rs 2,000 per sq.ft, and it increased to Rs 2,200 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, there were no figures available for the street in the revisions from 2002 to 2017. The current value of Rs 2,200 per sq.ft is reflective of the latest update and indicates the ongoing adjustments made in the guideline values for different areas.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,750 per sq.ft, placing the Reserve Bank Colony's 2024 figure below that median.

Stamp duty and registration fee for property in Reserve Bank Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Reserve Bank Colony?

The Reserve Bank Colony is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madipakkam-1

The guideline value plays a crucial role during the registration process of property transactions in Madipakkam-1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property in this area, it is essential to be aware of the current guideline value, as it can affect the overall costs associated with the transaction. Buyers should ensure that the sale price is in alignment with the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Reserve Bank Colony?

The current guideline value of Reserve Bank Colony is Rs 2,200 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Reserve Bank Colony was Rs 2,000 per sq.ft in 2023 and increased to Rs 2,200 per sq.ft in 2024, marking a +10% change. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Madipakkam-1?

The median guideline value in Madipakkam-1 is Rs 2,750 per sq.ft. The guideline value for Reserve Bank Colony is below this median, currently set at Rs 2,200 per sq.ft.

What are the stamp duty and registration fees for properties in Reserve Bank Colony?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000. The duty is charged on the higher of the guideline value or the sale price.

Which office handles registrations for Reserve Bank Colony?

The Velacheri Sub Registrar Office handles registrations for Reserve Bank Colony, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.