Guideline Value for Samuel Colony

Samuel Colony guideline value

The current guideline value of Samuel Colony, located in Nerkundram village under the Virugambakkam SRO, is Rs 2,500 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class III Type - II land classification.

How the guideline value of Samuel Colony has changed

The guideline value for Samuel Colony has seen several revisions over the years. The 2007 revision set the value at Rs 500 per sq.ft. This figure increased significantly to Rs 2,250 per sq.ft in 2012, marking a 350% rise. However, the value then decreased to Rs 1,507 per sq.ft in 2017, a drop of 33%. The subsequent revision in 2023 brought the value up to Rs 2,250 per sq.ft, which was a 49% increase. The latest revision in 2024 has set the guideline value at Rs 2,500 per sq.ft, reflecting an 11% increase from the previous year.

It is important to note that the register has no figures for Samuel Colony in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 400%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value for the area is Rs 2,200 per sq.ft, placing Samuel Colony's 2024 figure above this median.

• Sakthivel Nagar Main Road: Rs 2,200 per sq.ft (2024)
• Sakthivel Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Sakthivel Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Sakthivel Nagar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• SAKTHI NAGAR - Patel Road: Rs 2,750 per sq.ft (2024)
• SAKTHI NAGAR Extension: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Samuel Colony

For a 1,000 sq.ft plot in Samuel Colony at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, bringing the total charges to Rs 2,25,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Samuel Colony?

The Sub Registrar Office that covers Samuel Colony is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Nerkundram, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When purchasing property, it is essential to be aware of the current guideline value, as it can significantly impact the overall cost of the transaction. Ensuring that the sale price aligns with the guideline value can help avoid complications during the registration process.

Frequently asked questions

What is the current guideline value of Samuel Colony?

The current guideline value of Samuel Colony is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 2,500 per sq.ft in 2024, reflecting a total increase of 400% over the years.

What is the land classification of Samuel Colony?

Samuel Colony is classified as Residential Class III Type - II, which indicates its designation for residential use.

What are the stamp duty and registration fees for property in Samuel Colony?

For a property valued at Rs 25,00,000, the stamp duty would be Rs 1,75,000, and the registration fee would be Rs 50,000, totaling Rs 2,25,000.

Which office handles property registrations in Samuel Colony?

The Virugambakkam Sub Registrar Office handles property registrations for Samuel Colony, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.