Guideline Value for Reserve Bank colony 2nd street

Reserve Bank colony 2nd street guideline value

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

How the guideline value of Reserve Bank colony 2nd street has changed

The guideline value for Reserve Bank colony 2nd street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase of 10% from the 2023 revision of Rs 2,000 per sq.ft. Prior to that, there are no figures available for the years 2017, 2012, 2007, 2003, and 2002 in the register.

In summary, the guideline value has increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. The historical revisions indicate that no figures were recorded for the earlier years mentioned, thus limiting the available data on the changes in guideline value prior to 2023.

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, making the current value of Reserve Bank colony 2nd street below this median.

• Reserve Bank colony 1st street: Rs 2,200 per sq.ft (2024)
• Reserve Bank colony 3rd street: Rs 2,200 per sq.ft (2024)
• Reserve Bank Colony: 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 2nd street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Reserve Bank colony 2nd street?

The Reserve Bank colony 2nd street falls under 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 details.

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

The guideline value is a critical factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Madipakkam-1, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration requirements. This value serves as a benchmark for the transaction and influences the overall cost involved in the property registration process.

Frequently asked questions

What is the current guideline value of Reserve Bank colony 2nd street?

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

How much has the guideline value changed recently?

The guideline value increased from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, reflecting a change of 10%.

What is the land classification for Reserve Bank colony 2nd street?

The land classification for Reserve Bank colony 2nd street is Residential Class II Type - I.

Where is the Velacheri Sub Registrar Office located?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate would incur a total of Rs 1,98,000 in fees.