Guideline Value for Santhose Colony

Santhose Colony guideline value

The current guideline value of Santhose Colony, located in Chettimedu village under the Redhills SRO, is Rs 1,000 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Santhose Colony has changed

The guideline value for Santhose Colony has seen several revisions over the years. Starting from the 2003 revision at Rs 24 per sq.ft, it increased significantly to Rs 400 per sq.ft in 2007, then to Rs 500 per sq.ft in 2012. However, it decreased to Rs 335 per sq.ft in 2017 before rising again to Rs 500 per sq.ft in 2023, and finally reaching Rs 1,000 per sq.ft in the 2024 revision.

Notably, the change from 2023 to 2024 reflects a substantial increase of 100%. The guideline value has increased overall by 4067% from 2003 to 2024. The register has no figure for the year 2002 for this street.

Guideline values in Chettimedu

In Chettimedu, there are 26 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 1,000 to Rs 1,008 per sq.ft. The median value for these streets is Rs 1,002 per sq.ft, making Santhose Colony's 2024 figure below that median.

• Sornambigai Nagar: Rs 1,000 per sq.ft (2024)
• S. Radhakrishnan Nagar: Rs 1,000 per sq.ft (2024)
• Sri Dhanya lakshmi Nagar: Rs 1,000 per sq.ft (2024)
• Sri Nagar: Rs 1,002 per sq.ft (2024)
• Ponbhagiya Nagar: Rs 1,002 per sq.ft (2024)
• Sri Uma Mageshwari Nagar: Rs 1,006 per sq.ft (2024)

Stamp duty and registration fee for property in Santhose Colony

For a 1,000 sq.ft plot at the current rate of Rs 1,000 per sq.ft, the guideline value amounts to Rs 10,00,000. The stamp duty at 7% would be Rs 70,000, and the registration fee at 2% would be Rs 20,000, totaling Rs 90,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Santhose Colony?

The Sub Registrar Office that covers Santhose Colony is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Chettimedu. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees. It is essential for both buyers and sellers to be aware of this value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Santhose Colony?

The current guideline value of Santhose Colony is Rs 1,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 24 per sq.ft in 2003 to Rs 1,000 per sq.ft in 2024, reflecting an overall increase of 4067% over this period.

What is the land classification of Santhose Colony?

Santhose Colony is classified as Residential Special Type - I, indicating its designated use for residential purposes.

Where can I find the registration office for Santhose Colony?

The Redhills Sub Registrar Office covers Santhose Colony, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Santhose Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, a property with a guideline value of Rs 10,00,000 would incur a stamp duty of Rs 70,000 at 7%.