Guideline Value for Sarvamangala Colony Block 31

Sarvamangala Colony Block 31 guideline value

The current guideline value of Sarvamangala Colony Block 31 is Rs 7,000 per sq.ft, effective from 1 July 2024. This property is located in Kodambakkam village and falls under the Ashok Nagar SRO, classified as Residential Special Type - III.

How the guideline value of Sarvamangala Colony Block 31 has changed

The guideline value for Sarvamangala Colony Block 31 has seen several revisions over the years. The 2007 revision set the value at Rs 1,460 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, it then decreased to Rs 4,355 per sq.ft in 2017. The value rose to Rs 6,500 per sq.ft in 2023 and is now Rs 7,000 per sq.ft as per the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%. The transition from 2012 to 2017 saw a decrease of 33%. The most significant increase occurred from 2007 to 2012, with a rise of 345%. Overall, from 2007 to 2024, the guideline value has increased by 379%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft as of 2024. The median value is Rs 4,900 per sq.ft, placing Sarvamangala Colony Block 31's current guideline value above this median.

• Sasthiri Street: Rs 2,200 per sq.ft (2024)
• Sathiya Murthy Salai: Rs 3,300 per sq.ft (2024)
• Sathiyapuri Huts: Rs 2,200 per sq.ft (2024)
• Sathya Narayana Street: Rs 4,900 per sq.ft (2024)
• Sapthagiri Colony Main Road: Rs 7,000 per sq.ft (2024)
• Sapthagiri Colony 2nd Street: Rs 7,000 per sq.ft (2024)

Stamp duty and registration fee for property in Sarvamangala Colony Block 31

For a 1,000 sq.ft plot at the current guideline value of Rs 7,000 per sq.ft, the total guideline value amounts to Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, totaling Rs 6,30,000. 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 Sarvamangala Colony Block 31?

The Ashok Nagar Sub Registrar Office covers Sarvamangala Colony Block 31. The office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in property transactions in Kodambakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with registration norms and to avoid any legal issues. The guideline value also helps in establishing a baseline for negotiations during property transactions.

Frequently asked questions

What is the current guideline value of Sarvamangala Colony Block 31?

The current guideline value of Sarvamangala Colony Block 31 is Rs 7,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,460 per sq.ft in 2007 to Rs 7,000 per sq.ft in 2024, reflecting an overall increase of 379% over the years.

What is the land classification of Sarvamangala Colony Block 31?

Sarvamangala Colony Block 31 is classified as Residential Special Type - III.

Where is the Ashok Nagar Sub Registrar Office located?

The Ashok Nagar Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Sarvamangala Colony Block 31?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 70,00,000, the stamp duty at 7% would be Rs 4,90,000.