Guideline Value for S I P Colony

S I P Colony guideline value

The current guideline value of S I P Colony, located in Thalakanancherry village under the Alandur SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - II.

How the guideline value of S I P Colony has changed

The guideline value for S I P Colony has seen several revisions over the years. The 2012 revision set the value at Rs 4,000 per sq.ft, which was then reduced to Rs 2,680 per sq.ft in 2017. Following this, the 2023 revision increased the value to Rs 4,000 per sq.ft, and the latest 2024 revision raised it further to Rs 4,400 per sq.ft. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

From the 2017 to 2023 revision, the guideline value increased by 49%. The change from 2023 to 2024 represents a 10% increase. Overall, when comparing the 2012 revision to the current 2024 figure, there has been a 10% increase.

Guideline values in Thalakanancherry

In Thalakanancherry, there are a total of 318 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, making the guideline value for S I P Colony above this median.

• S I P Colony 1st Street: Rs 4,400 per sq.ft (2024)
• S I P Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• S I P Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• S I P Colony Extension: Rs 4,400 per sq.ft (2024)
• South Bakthavachalam Nagar 5th Cross Street: Rs 3,900 per sq.ft (2024)
• Sri Lakshmi Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in S I P Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers S I P Colony?

The S I P Colony falls under the jurisdiction of the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Thalakanancherry

The guideline value is a crucial factor during the registration of property transactions in Thalakanancherry. It serves as the basis for calculating the stamp duty and registration fees, ensuring that these charges are aligned with the official valuation of the property.

When buying or selling property, it is essential to be aware of the current guideline value, as it can significantly impact the overall cost of the transaction. Buyers should ensure that they are informed about the guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value for S I P Colony?

The current guideline value for S I P Colony is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent increase of 10% from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024. The value was reduced to Rs 2,680 per sq.ft in 2017 from Rs 4,000 per sq.ft in 2012.

What is the land classification for S I P Colony?

S I P Colony is classified as Residential Class I Type - II, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in S I P Colony?

The stamp duty is charged at 7%, while the registration fee is 2% of the guideline value. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 3,96,000.

Which office handles registrations for S I P Colony?

The Alandur Sub Registrar Office handles registrations for S I P Colony, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.