Guideline Value for Teacher Colony

Teacher Colony guideline value

The current guideline value of Teacher Colony in Nemilicherry village is Rs 2,200 per sq.ft, effective from the 2024 revision. This area falls under the Pallavaram SRO and is classified as Residential Class I Type - III.

How the guideline value of Teacher Colony has changed

The guideline value for Teacher Colony has undergone several revisions over the years. In 2007, the value was set at Rs 250 per sq.ft, which saw a significant increase to Rs 2,200 per sq.ft in the 2012 revision. However, this was followed by a decrease to Rs 1,474 per sq.ft in the 2017 revision. The 2023 revision marked a return to Rs 2,000 per sq.ft, leading to the current value of Rs 2,200 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From 2017 to 2023, the value increased by 36%, while the drop from 2012 to 2017 was 33%. The remarkable rise from 2007 to 2012 was 780%. Overall, from 2007 to 2024, the guideline value has increased by 780%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nemilicherry

In Nemilicherry, there are 172 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 3,300 per sq.ft, with a median value of Rs 2,160 per sq.ft. The guideline value for Teacher Colony is above this median.

• Thirukkural Street: Rs 2,160 per sq.ft (2024)
• Subbulakshmi Street: Rs 2,200 per sq.ft (2024)
• Subash Nagar, Visweswaran Street: Rs 2,200 per sq.ft (2024)
• Subash Nagar Main Road: Rs 2,200 per sq.ft (2024)
• SSP Nagar: Rs 2,160 per sq.ft (2024)
• Thiruvalluvar Street: Rs 2,160 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 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, and the registration fee at 2% would be Rs 44,000, leading to a total of 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.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Teacher Colony?

The Teacher Colony area is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. For more information, you can find your SRO.

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

The guideline value is used as a benchmark for property transactions in Nemilicherry. When you register a property, the guideline value helps determine the stamp duty and registration fees payable, ensuring that the transaction is documented accurately according to government regulations.

It is essential for buyers and sellers to be aware of the guideline value, as it can influence the overall costs associated with property transactions. This value is periodically revised to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of Teacher Colony?

The current guideline value of Teacher Colony in Nemilicherry village is Rs 2,200 per sq.ft, effective from July 1, 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 250 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024. The most recent revision saw a 10% increase from Rs 2,000 per sq.ft in 2023.

What is the land classification for Teacher Colony?

Teacher Colony is classified as Residential Class I Type - III. This classification indicates the type of residential development allowed in the area.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated in Teacher Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.