Guideline Value for S.R. Colony 3rd Street

S.R. Colony 3rd Street guideline value

The current guideline value of S.R. Colony 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Special Type - I.

How the guideline value of S.R. Colony 3rd Street has changed

The guideline value for S.R. 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, an increase from Rs 2,000 per sq.ft in 2023, marking a change of +10%. Prior to that, in 2017, the value was Rs 1,340 per sq.ft, which reflects a significant increase of +49% to the 2023 figure. The 2012 revision recorded the value at Rs 2,000 per sq.ft, which was a decrease of -33% from the 2017 figure.

Additionally, the guideline value for S.R. Colony 3rd Street has not been recorded in the revisions for the years 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, there has been a total increase of +10% in the guideline value.

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 value for these streets is Rs 2,400 per sq.ft, indicating that the 2024 guideline value for S.R. Colony 3rd Street is below the median.

• S.R. Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• S.R. Colony 4th Cross Street: Rs 2,200 per sq.ft (2024)
• S.R. Colony 2nd Street: Rs 2,200 per sq.ft (2024)
• S.R. Colony 4th Street: Rs 2,200 per sq.ft (2024)
• S.R. Colony 2nd Main Road: Rs 2,200 per sq.ft (2024)
• S.R. Colony 5th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in S.R. Colony 3rd 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, leading to a total of Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers S.R. Colony 3rd Street?

The S.R. Colony 3rd Street falls under 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 information.

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

The guideline value is a crucial factor in property transactions in Madambakkam. It serves as a baseline for determining the stamp duty and registration fees during the property registration process. Buyers and sellers must consider this value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of S.R. Colony 3rd Street?

The current guideline value of S.R. 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 has changed from Rs 2,000 per sq.ft in 2023 to Rs 2,200 per sq.ft in 2024, a +10% increase. It was Rs 1,340 per sq.ft in 2017 and Rs 2,000 per sq.ft in 2012, showing significant fluctuations over the years.

What is the registration fee for property in S.R. Colony 3rd Street?

The registration fee is calculated based on the guideline value. For a 1,000 sq.ft plot at the current rate, the registration fee would amount to Rs 44,000 at 2% of the guideline value.

Where can I find the Sub Registrar Office for S.R. Colony 3rd Street?

The Sub Registrar Office that covers S.R. Colony 3rd Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai, Ruby Mansion, East Tambaram, Chennai - 600 073.

How is the guideline value used during property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is compared to the sale price, and the higher value is used to calculate the applicable fees.