Guideline Value for Shawallace Colony 3rd Street

Shawallace Colony 3rd Street guideline value

The current guideline value of Shawallace Colony 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, and it falls under the Residential Class II Type - III land classification.

How the guideline value of Shawallace Colony 3rd Street has changed

The guideline value for Shawallace Colony 3rd Street has undergone several revisions since 2007. In 2007, the value was set at Rs 1,500 per sq.ft, which saw a significant increase to Rs 3,500 per sq.ft in the 2012 revision, marking a change of +133%. The most recent revision in 2024 has further increased the value to Rs 3,850 per sq.ft, reflecting a +10% change from the 2012 figure. Overall, from 2007 to 2024, the guideline value has increased by +157%.

It is important to note that there are no figures available for the revisions in the years 2002, 2003, 2017, and 2023 for this street.

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. The median guideline value for these streets is Rs 4,400 per sq.ft, which means that Shawallace Colony 3rd Street's 2024 figure is below this median.

• Shawallace Colony 2nd Street: Rs 3,850 per sq.ft (2024)
• Shawallace Colony 1st Street: Rs 3,300 per sq.ft (2024)
• Shawallace Colony: Rs 4,400 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 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, making the total cost for these fees Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shawallace Colony 3rd Street?

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

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

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

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property, which can influence negotiations and the final sale price. It is crucial to be aware of the current guideline value to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of Shawallace Colony 3rd Street?

The current guideline value of Shawallace Colony 3rd Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 3,500 per sq.ft in 2012, and then to Rs 3,850 per sq.ft in 2024. This represents an overall increase of +157% from 2007 to 2024.

What is the land classification for Shawallace Colony 3rd Street?

Shawallace Colony 3rd Street falls under the Residential Class II Type - III land classification.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 38,50,000, the stamp duty at 7% would amount to Rs 2,69,500.