Guideline Value for St. Francis Colony

St. Francis Colony guideline value

The current guideline value of St. Francis Colony, located in Madhavaram village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This classification falls under Residential Class I Type - I.

How the guideline value of St. Francis Colony has changed

Over the years, the guideline value of St. Francis Colony has seen several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. However, the value saw a significant increase in the following revisions, reaching Rs 2,000 per sq.ft in 2023, and further rising to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

In total, from the 2012 revision to the 2024 revision, the guideline value has increased by 47%. The changes from 2017 to 2023 reflect a notable rise of 49%, while the decrease from 2012 to 2017 was 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,300 to Rs 7,500 per sq.ft in 2024. The median value for these streets is Rs 1,600 per sq.ft, placing St. Francis Colony's 2024 figure above that median.

• St. Francis Colony (Ward No.19): Rs 2,200 per sq.ft (2024)
• St. Joseph Garden: Rs 1,300 per sq.ft (2024)
• St. Joseph Garden Extension: Rs 1,300 per sq.ft (2024)
• St. Joseph Garden (Ward-10): Rs 1,300 per sq.ft (2024)
• Subam Avenue 1st Street (Ward-02): Rs 1,600 per sq.ft (2024)
• Subam Avenue 2nd Street (Ward-02): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in St. Francis Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees 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.

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

Which Sub Registrar Office covers St. Francis Colony?

The Sub Registrar Office that covers St. Francis Colony is located at Madhavaram Sub Registrar Office, No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Madhavaram. It is used to assess the stamp duty and registration fees applicable when buying or selling property, ensuring that these fees are calculated based on the established values set by the registration department.

When a property is registered, the guideline value is either the basis for calculating the fees or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of St. Francis Colony?

The current guideline value of St. Francis Colony is Rs 2,200 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 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for St. Francis Colony?

St. Francis Colony is classified as Residential Class I Type - I, which indicates its suitability for residential development.

What are the stamp duty and registration fees for properties in St. Francis Colony?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For example, a property with a guideline value of Rs 22,00,000 would incur a total fee of Rs 1,98,000.

Where can I find the Sub Registrar Office for St. Francis Colony?

The Sub Registrar Office for St. Francis Colony is located at Madhavaram Sub Registrar Office, No.7, Roja Nagar, Madhavaram, Chennai-600060.