Guideline Value for Saraswathi Colony

Saraswathi Colony guideline value

The current guideline value of Saraswathi Colony, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,420 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of Saraswathi Colony has changed

Over the years, the guideline value for Saraswathi Colony has seen significant changes. The 2007 revision set the value at Rs 525 per sq.ft, which increased dramatically to Rs 2,200 per sq.ft in 2012, marking a rise of 319%. However, from 2012 to 2017, the value decreased to Rs 1,474 per sq.ft, a decline of 33%. The value then rose to Rs 2,200 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 2,420 per sq.ft, a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 361%.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 4,400 per sq.ft, with a median value of Rs 2,970 per sq.ft. The guideline value for Saraswathi Colony is below this median.

• Sarangaraj Kumar Street: Rs 4,400 per sq.ft (2024)
• Saraswathi Nagar Extension: Rs 3,300 per sq.ft (2024)
• Saraswathi Vidyalaya School Street: Rs 1,650 per sq.ft (2024)
• Saraswathy Nagar: Rs 3,300 per sq.ft (2024)
• Santhanakrishna Street: Rs 4,400 per sq.ft (2024)
• Sankarlal jain Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Saraswathi Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,420 per sq.ft, the total guideline value would be Rs 24,20,000. The stamp duty at 7% would amount to Rs 1,69,400, while the registration fee at 2% would be Rs 48,400. Together, the total cost for stamp duty and registration would be Rs 2,17,800. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Saraswathi Colony?

The Saraswathi Colony falls under the jurisdiction of the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Hastinapuram. 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 with the sale price, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are conducted transparently and fairly, reflecting the true value of the property.

Frequently asked questions

What is the current guideline value of Saraswathi Colony?

The current guideline value of Saraswathi Colony is Rs 2,420 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 525 per sq.ft in 2007 to Rs 2,420 per sq.ft in 2024, reflecting an overall increase of 361% over the years.

Where can I find the registration office for Saraswathi Colony?

The registration office for Saraswathi Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, for a property valued at Rs 24,20,000, the total stamp duty and registration fees would amount to Rs 2,17,800.

What is the land classification for Saraswathi Colony?

Saraswathi Colony is classified as Residential Class I Type - III, which indicates its designated use for residential purposes within the area.