Guideline Value for SARDAR COLONY 2ND STREET

Sardar Colony 2nd Street guideline value

The current guideline value of Sardar Colony 2nd Street is Rs 3,080 per sq.ft, effective from 1 July 2024. This street is located in Ekkaduthangal village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Sardar Colony 2nd Street has changed

The guideline value for Sardar Colony 2nd Street has seen several revisions over the years. In 2002, the guideline value was Rs 631 per sq.ft, which increased to Rs 728 per sq.ft in 2003, marking a change of +15%. The value then rose significantly to Rs 1,000 per sq.ft in 2007, reflecting a +37% change. By 2012, the value reached Rs 2,800 per sq.ft, a substantial increase of +180%. However, it then decreased to Rs 1,876 per sq.ft in 2017, showing a decline of -33%. The value increased again to Rs 2,800 per sq.ft in 2023, before reaching the current value of Rs 3,080 per sq.ft in 2024, which is a +10% change from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +388%. There are no recorded figures for this street in the revisions for the years not mentioned above.

Guideline values in Ekkaduthangal

In Ekkaduthangal, there are 190 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 3,080 to Rs 8,800 per sq.ft, with a median value of Rs 4,620 per sq.ft. Sardar Colony 2nd Street's 2024 guideline value is below this median.

• Sardar Colony 2nd Lane: Rs 3,080 per sq.ft (2024)
• Sardar Colony 3rd Lane: Rs 3,080 per sq.ft (2024)
• Sardar Colony 1st Main Road: Rs 3,520 per sq.ft (2024)
• Sardar Colony 3rd Street: Rs 3,080 per sq.ft (2024)
• Sardar Colony 1st Lane: Rs 3,080 per sq.ft (2024)
• Sardar Colony 4th Lane: Rs 3,080 per sq.ft (2024)

Stamp duty and registration fee for property in Sardar Colony 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,080 per sq.ft, the total guideline value amounts to Rs 30,80,000. The stamp duty, charged at 7%, would be Rs 2,15,600, while the registration fee at 2% would be Rs 61,600. Together, the total cost for stamp duty and registration fee would be Rs 2,77,200. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sardar Colony 2nd Street?

The Sub Registrar Office that covers Sardar Colony 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Ekkaduthangal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial obligations involved in the transaction.

Frequently asked questions

What is the current guideline value of Sardar Colony 2nd Street?

The current guideline value of Sardar Colony 2nd Street is Rs 3,080 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 631 per sq.ft in 2002 to the current value of Rs 3,080 per sq.ft in 2024, reflecting an overall increase of +388% over this period.

What is the land classification for Sardar Colony 2nd Street?

Sardar Colony 2nd Street is classified as Residential Class IV Type - I, indicating its designation for residential use.

Where can I find the Sub Registrar Office for Sardar Colony 2nd Street?

The Sub Registrar Office for Sardar Colony 2nd Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,15,600.