Guideline Value for Subramaniyam Colony

Subramaniyam Colony guideline value

The current guideline value of Subramaniyam 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 Subramaniyam Colony has changed

The guideline value for Subramaniyam Colony has seen several revisions over the years. The 2007 revision set the value at Rs 1,500 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in 2012, marking a 167% rise. However, in 2017, the value dropped to Rs 2,680 per sq.ft, a decrease of 33%. The most recent revision in 2024 raised the value to Rs 4,400 per sq.ft, reflecting a substantial increase of 64% from 2017.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 193%. It is important to note that for the years 2002, 2003, and 2023, the register has no figure 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 value is Rs 4,400 per sq.ft, which is equal to the guideline value of Subramaniyam Colony.

• Subramani Street: Rs 3,850 per sq.ft (2024)
• Subramaniyar Koil Street: Rs 3,850 per sq.ft (2024)
• Subramani Koil Street: Rs 3,850 per sq.ft (2024)
• Subha Reddy Lane: Rs 3,850 per sq.ft (2024)
• Sudha Nagar: Rs 3,850 per sq.ft (2024)
• Subba Reddy Lane, MKN Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Subramaniyam Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, these fees would total 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Subramaniyam Colony?

The Subramaniyam Colony is covered by 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 information.

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

The guideline value is a crucial factor during the registration of 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 appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial obligations involved in the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Subramaniyam Colony?

The current guideline value of Subramaniyam 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 has changed from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, with various revisions in between. The most significant increase occurred from 2017 to 2024, with a rise of 64%.

What are the stamp duty and registration fees for property in Subramaniyam Colony?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Subramaniyam Colony?

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

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum value for property registration, impacting the stamp duty and registration fees payable. It ensures that the government receives the appropriate revenue during property transactions.