Guideline Value for Saraswathi Colony

Saraswathi Colony guideline value

The current guideline value of Saraswathi Colony, located in Issa Pallavaram village under the Pallavaram SRO, is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of Saraswathi Colony has changed

The guideline value of Saraswathi Colony has seen several revisions over the years. In 2003, the value was Rs 201 per sq.ft, which increased significantly to Rs 400 per sq.ft in 2007. The value then surged to Rs 2,000 per sq.ft in 2012, marking a remarkable increase of 400%. However, it dropped to Rs 1,340 per sq.ft in 2017, reflecting a decrease of 33%. The value rose again to Rs 2,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 2,200 per sq.ft, indicating a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 995%. It is important to note that the register does not have a figure for the year 2002 for this street.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with the median being Rs 3,300 per sq.ft. The guideline value of Saraswathi Colony is below this median.

• Sarathi Street: Rs 2,200 per sq.ft (2024)
• Sate Line: Rs 2,200 per sq.ft (2024)
• Sathiya Nagar: Rs 2,200 per sq.ft (2024)
• Selaiyur Street: Rs 2,200 per sq.ft (2024)
• Ranganathan Street: Rs 4,400 per sq.ft (2024)
• Ramaswamy Kuttai Street: Rs 2,200 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. 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 more details.

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 additional information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Issa Pallavaram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value or the sale price is considered, whichever is higher, to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Saraswathi Colony?

The current guideline value of Saraswathi Colony is Rs 2,200 per sq.ft as per the 2024 revision effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 201 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 995% over the years.

What is the land classification for Saraswathi Colony?

Saraswathi Colony is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for properties in Saraswathi Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at a rate of 7%.