Guideline Value for SYNDICATE BANK COLONY

Syndicate Bank Colony guideline value

The current guideline value of Syndicate Bank Colony is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Special Type - I.

How the guideline value of Syndicate Bank Colony has changed

The guideline value for Syndicate Bank Colony has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 130 per sq.ft. This increased to Rs 153 per sq.ft in 2003, marking an increase of approximately 18%. From 2003 to 2007, the value saw a significant rise to Rs 400 per sq.ft, which is an increase of about 161%. The 2007 revision to 2012 saw a notable jump to Rs 2,500 per sq.ft, reflecting a 525% increase. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, which is a decline of 33%. The value then rose again to Rs 2,500 per sq.ft in 2023, and finally, it reached Rs 2,750 per sq.ft in the 2024 revision, indicating a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 2015%. There are no figures available for the revisions in years other than those listed.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Syndicate Bank Colony's 2024 figure above this median.

• Tamizhar Quarters: Rs 1,650 per sq.ft (2024)
• Tamizhar Quarters Extn.: Rs 1,650 per sq.ft (2024)
• Tankview 1st Street: Rs 1,320 per sq.ft (2024)
• Tankview 2nd Street: Rs 1,320 per sq.ft (2024)
• Tankview Street: Rs 1,320 per sq.ft (2024)
• Thaai Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Syndicate Bank Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. 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 precise calculations.

Which Sub Registrar Office covers Syndicate Bank Colony?

The Sub Registrar Office that covers Syndicate Bank Colony 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 Pallikaranai

The guideline value plays a crucial role during the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the property is not undervalued during the transaction.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This process ensures transparency and helps in maintaining accurate records of property transactions.

Frequently asked questions

What is the current guideline value of Syndicate Bank Colony?

The current guideline value of Syndicate Bank Colony is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen multiple revisions, starting from Rs 130 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, marking an overall increase of 2015% over the years.

What is the median guideline value for streets in Pallikaranai?

The median guideline value for the 749 streets in Pallikaranai is Rs 1,650 per sq.ft, with Syndicate Bank Colony's value being above this median.

What are the stamp duty and registration fees for properties in Syndicate Bank Colony?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Where is the Sub Registrar Office for Syndicate Bank Colony located?

The Sub Registrar Office for Syndicate Bank Colony is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.