Guideline Value for TEACHER COLONY

Teacher Colony guideline value

The current guideline value of Teacher Colony, located in Sivabootham village, is Rs 1,430 per sq.ft. This value is effective from the 2024 revision, which falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Teacher Colony has changed

The guideline value for Teacher Colony has undergone several revisions over the years. In 2012, the value was set at Rs 1,300 per sq.ft. This was followed by a decrease to Rs 871 per sq.ft in 2017. The 2023 revision saw a significant increase to Rs 1,300 per sq.ft, and the most recent revision in 2024 raised it further to Rs 1,430 per sq.ft. The register has no figure for this street in 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a notable increase of 49%. The change from 2023 to 2024 reflects a 10% rise. Overall, the guideline value has increased by 10% from 2012 to 2024.

Guideline values in Sivabootham

Sivabootham village has 39 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 1,120 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for Teacher Colony is below this median.

• Teacher Colony 1st Cross Street: Rs 1,430 per sq.ft (2024)
• Teacher Colony 2nd Cross Street: Rs 1,430 per sq.ft (2024)
• Teacher Colony Main Road: Rs 1,430 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 1,210 per sq.ft (2024)
• Udhayan Nagar: Rs 1,210 per sq.ft (2024)
• Sivapootha Medu: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Teacher Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,430 per sq.ft, the total guideline value amounts to Rs 14,30,000. The stamp duty at 7% would be Rs 1,00,100, and the registration fee at 2% would be Rs 28,600, bringing the total cost for these fees to Rs 1,28,700. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Teacher Colony?

The Teacher Colony area falls under the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Sivabootham. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of a property.

When a property is bought or sold, the higher value between the guideline value and the sale price is considered for calculating the applicable fees. 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 Teacher Colony?

The current guideline value of Teacher Colony is Rs 1,430 per sq.ft, effective from the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,300 per sq.ft in 2012 to Rs 871 per sq.ft in 2017, then increased to Rs 1,300 per sq.ft in 2023, and finally to Rs 1,430 per sq.ft in 2024.

What is the stamp duty rate for properties in Teacher Colony?

The stamp duty rate for properties in Teacher Colony is 7% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office covers Teacher Colony?

The Chennai South Joint I Sub Registrar Office covers Teacher Colony, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

What is the land classification for Teacher Colony?

The land classification for Teacher Colony is Residential Class II Type - I, indicating it is designated for residential use.