Guideline Value for SYNDICATE BANK COLONY

Syndicate Bank Colony guideline value

The current guideline value of Syndicate Bank Colony in Padi village, under the Villivakkam SRO, is Rs 8,700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - III.

How the guideline value of Syndicate Bank Colony has changed

Over the years, the guideline value of Syndicate Bank Colony has seen significant changes. In the 2007 revision, the value was Rs 2,750 per sq.ft. This increased to Rs 8,000 per sq.ft in 2012, marking a substantial rise of 191%. However, the value dropped to Rs 5,360 per sq.ft in the 2017 revision, reflecting a decrease of 33%. The 2023 revision set the value at Rs 8,000 per sq.ft, and the most recent 2024 revision has increased it to Rs 8,700 per sq.ft, a rise of 9%.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 216%.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median value for these streets is Rs 3,800 per sq.ft, placing Syndicate Bank Colony's 2024 value above this median.

• SYNDICATE BANK COLONY 10th STREET: Rs 8,700 per sq.ft (2024)
• SYNDICATE BANK COLONY 11th STREET: Rs 8,700 per sq.ft (2024)
• Suriya Apartments: Rs 8,200 per sq.ft (2024)
• Sundarar Street (Koil Land): Rs 2,500 per sq.ft (2024)
• Thamarai Kudiyeruppu: Rs 6,600 per sq.ft (2024)
• Thangavel Thottam: Rs 3,400 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 8,700 per sq.ft, the total guideline value amounts to Rs 87,00,000. The stamp duty at 7% would be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total fees to Rs 7,83,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Syndicate Bank Colony?

The Sub Registrar Office that covers Syndicate Bank Colony is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. You can find your SRO for more details.

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

When buying or selling property in Padi, the guideline value plays a crucial role during the registration process. It is used to determine the stamp duty and registration fees that need to be paid, ensuring that the transaction is legally documented and compliant with local regulations.

The guideline value is assessed periodically and reflects the market conditions of the area. Buyers and sellers must be aware of the current guideline value to avoid any discrepancies during the registration 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 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 2,750 per sq.ft in 2007 to Rs 8,700 per sq.ft in 2024, marking an overall increase of 216%.

What is the registration office for Syndicate Bank Colony?

The registration office for Syndicate Bank Colony is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for property in Syndicate Bank Colony?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000.

What other streets have guideline values in Padi?

Other streets in Padi under the Villivakkam SRO include SYNDICATE BANK COLONY 10th STREET and SYNDICATE BANK COLONY 11th STREET, both at Rs 8,700 per sq.ft, along with Suriya Apartments at Rs 8,200 per sq.ft, among others.