Guideline Value for Shawallace Colony

Shawallace Colony guideline value

The current guideline value of Shawallace Colony is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Velachery village under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Shawallace Colony has changed

The guideline value for Shawallace Colony has undergone several revisions over the years. The oldest recorded revision is from 2012, where the guideline value was Rs 4,000 per sq.ft. In the 2024 revision, the value increased to Rs 4,400 per sq.ft, marking a 10% increase from the previous figure.

There are no recorded figures for the years 2023, 2017, 2007, 2003, and 2002 for this street. Therefore, the only figures available are from the 2012 and 2024 revisions.

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's 2024 guideline value aligns with this median.

• Shawallace Colony 1st Street: Rs 3,300 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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Shawallace Colony?

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

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

The guideline value is a critical factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value ensures that the government receives the appropriate taxes based on the property's value. Buyers and sellers must be aware of the guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Shawallace Colony?

The current guideline value of Shawallace Colony is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value increased from Rs 4,000 per sq.ft in 2012 to Rs 4,400 per sq.ft in 2024, reflecting a 10% increase. There are no recorded figures for the years 2023, 2017, 2007, 2003, and 2002 for this street.

What are the stamp duty and registration fees for properties in Shawallace Colony?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 3,96,000.

Which office handles property registrations in Shawallace Colony?

The Velacheri Sub Registrar Office handles property registrations in Shawallace Colony, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the significance of the guideline value when buying property?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the government receives the appropriate taxes based on the property's value.