Guideline Value for S.R. Colony 2nd Street

S.R. Colony 2nd Street guideline value

The current guideline value of S.R. Colony 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Special Type - I.

How the guideline value of S.R. Colony 2nd Street has changed

The guideline value for S.R. Colony 2nd Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the guideline value was Rs 2,000 per sq.ft. This figure remained until the next revision in 2017, where it decreased to Rs 1,340 per sq.ft, marking a drop of 33%. The value then increased to Rs 2,000 per sq.ft in 2023, and further rose to Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% increase.

Between the 2017 and 2023 revisions, there was a significant increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 2,400 per sq.ft, indicating that the 2024 figure for S.R. Colony 2nd Street is below this median.

• S.R. Colony 2nd Main Road: Rs 2,200 per sq.ft (2024)
• S.R. Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• S.R. Colony 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• S.R. Colony 3rd Street: Rs 2,200 per sq.ft (2024)
• S.R. Colony 1st Street: Rs 2,200 per sq.ft (2024)
• S.R. Colony 4th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in S.R. 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, charged at 7%, would be Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers S.R. Colony 2nd Street?

The S.R. Colony 2nd Street falls under the jurisdiction of the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both buyers and sellers understand the fair valuation of the property. It is essential for both parties to be aware of this value to avoid any discrepancies during the transaction process.

Frequently asked questions

What is the current guideline value of S.R. Colony 2nd Street?

The current guideline value of S.R. Colony 2nd 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 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification of S.R. Colony 2nd Street?

S.R. Colony 2nd Street is classified as Residential Special Type - I, indicating its designated use for residential purposes.

What are the stamp duty and registration fees for property in S.R. Colony 2nd Street?

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.

Which office handles registrations for S.R. Colony 2nd Street?

The Selaiyur Sub Registrar Office handles registrations for S.R. Colony 2nd Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.