Guideline Value for Reserve Bank colony 1st street

Reserve Bank colony 1st street guideline value

The current guideline value for Reserve Bank colony 1st street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madipakkam-1 village under the Velacheri SRO, and it is classified as Residential Class II Type - I.

How the guideline value of Reserve Bank colony 1st street has changed

The guideline value for Reserve Bank colony 1st street has undergone several revisions over the years. The register has no figure for the years 2002, 2003, 2007, 2012, and 2017. The most recent figures show that in 2023, the guideline value was Rs 2,000 per sq.ft, which increased to Rs 2,200 per sq.ft in the 2024 revision, marking a change of +10%.

Prior to the 2023 revision, the register does not list any figures for the aforementioned years. Thus, the only available figures are from 2023 and 2024, with the current value reflecting the latest update.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing the 2024 guideline value of Reserve Bank colony 1st street below this median.

• Reserve Bank colony 2nd street: Rs 2,200 per sq.ft (2024)
• Reserve Bank Colony: Rs 2,200 per sq.ft (2024)
• Reserve Bank colony 3rd street: Rs 2,200 per sq.ft (2024)
• Reserve Bank Quarters: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 8th Street: Rs 2,200 per sq.ft (2024)
• Ravanan Nagar 7th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Reserve Bank colony 1st street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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 duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Reserve Bank colony 1st street?

The Reserve Bank colony 1st street falls under 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 Madipakkam-1

The guideline value plays a crucial role during the registration of property transactions in Madipakkam-1. It serves as a benchmark for determining the stamp duty and registration fees applicable when buying or selling property in the area.

When a property is registered, the guideline value is used to calculate the applicable fees, ensuring that the transaction adheres to the legal requirements set by the Registration Department. This helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Reserve Bank colony 1st street?

The current guideline value of Reserve Bank colony 1st street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, reflecting a +10% increase. 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 1st street is below this median.

What is the stamp duty rate for property in this area?

The stamp duty rate for property in Reserve Bank colony 1st street is 7% of the guideline value or the sale price, whichever is higher.

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

The Velacheri Sub Registrar Office covers Reserve Bank colony 1st street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.