Guideline Value for Reserve Bank colony 3rd street

Reserve Bank colony 3rd street guideline value

The current guideline value of Reserve Bank colony 3rd 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 falls under the Residential Class II Type - I land classification.

How the guideline value of Reserve Bank colony 3rd street has changed

The guideline value for Reserve Bank colony 3rd street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, marking a 10% increase from the 2023 figure of Rs 2,000 per sq.ft. The register has no figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

In summary, the guideline values have evolved from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024. The absence of figures from previous years indicates a lack of recorded values for this specific street in the guideline value register.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1,823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value is Rs 2,750 per sq.ft, placing the guideline value of Reserve Bank colony 3rd street below this median.

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

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, totaling 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Reserve Bank colony 3rd street?

The Reserve Bank colony 3rd 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 information.

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

The guideline value is a critical factor when registering property transactions in Madipakkam-1. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This value is essential for both buyers and sellers to understand their financial obligations during the transaction process.

Frequently asked questions

What is the current guideline value of Reserve Bank colony 3rd street?

The current guideline value of Reserve Bank colony 3rd 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 changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase. There are no figures recorded for the years 2017, 2012, 2007, 2003, and 2002 for this street.

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 3rd street is below this median.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 22,00,000, the total fees would be Rs 1,98,000.

Which office handles the registration for Reserve Bank colony 3rd street?

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