Guideline Value for Shawallace Colony 1st Street

Shawallace Colony 1st Street guideline value

The current guideline value for Shawallace Colony 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Shawallace Colony 1st Street has changed

The guideline value for Shawallace Colony 1st Street has undergone several revisions over the years. The earliest available revision is from 2012, where the guideline value was Rs 3,000 per sq.ft. The most recent revision in 2024 increased this value to Rs 3,300 per sq.ft, marking a 10% increase from the 2012 figure.

There are no figures available for the years 2002, 2003, 2007, 2017, and 2023 for this street in the register.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Shawallace Colony 1st Street's guideline value is below this median.

• Shawallace Colony: Rs 4,400 per sq.ft (2024)
• Shawallace Colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Shawallace Colony 3rd Street: Rs 3,850 per sq.ft (2024)
• Shanthi Street: Rs 4,400 per sq.ft (2024)
• Shanthi 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Shanthi 1st Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Shawallace Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Please note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Shawallace Colony 1st Street?

The Sub Registrar Office that covers Shawallace Colony 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. For more information, you can find your SRO.

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

The guideline value is an essential factor in the registration process for property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the legal and financial implications of the transaction. It is crucial for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shawallace Colony 1st Street?

The current guideline value of Shawallace Colony 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for this street has changed from Rs 3,000 per sq.ft in 2012 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. There are no available figures for the years 2002, 2003, 2007, 2017, and 2023.

What is the land classification of Shawallace Colony 1st Street?

The land classification for Shawallace Colony 1st Street is Residential Class III Type - I. This classification indicates the type of development permitted in the area.

What are the stamp duty and registration fees for properties in this area?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. Duty is charged on the higher of the guideline value or the sale price.

Which office handles property registrations for Shawallace Colony 1st Street?

The Velacheri Sub Registrar Office handles property registrations for Shawallace Colony 1st Street. It is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.