Guideline Value for Teacher's Colony

Teacher's Colony guideline value

The current guideline value of Teacher's Colony in Kodungaiyur village, under the Madhavaram SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of Teacher's Colony has changed

Over the years, the guideline value for Teacher's Colony has seen several revisions. The earliest revision listed is from 2012, where the guideline value was Rs 2,500 per sq.ft. This figure was followed by a decrease to Rs 1,675 per sq.ft in 2017. The next revision in 2023 increased the value to Rs 2,500 per sq.ft, and the most recent revision in 2024 raised it to Rs 2,700 per sq.ft.

From 2017 to 2023, there was a significant increase of 49%, while the 2012 to 2017 period saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 8%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which is the same as the current value for Teacher's Colony.

• Teacher's Colony 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Teacher's Colony 1st Street: Rs 2,700 per sq.ft (2024)
• Teacher's Colony 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Teacher's Colony 2nd Street: Rs 2,700 per sq.ft (2024)
• Teacher's Colony 3rd Cross Street: Rs 2,700 per sq.ft (2024)
• Teacher's Colony 3rd Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Teacher's Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value amounts to Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost for these charges Rs 2,43,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Teacher's Colony?

The Teacher's Colony area is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kodungaiyur. It is used to determine the stamp duty and registration fees that must be paid at the time of registration, ensuring that the transaction is legally recognized.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable charges. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Teacher's Colony?

The current guideline value of Teacher's Colony is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Teacher's Colony?

Teacher's Colony is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property in Teacher's Colony?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a plot of 1,000 sq.ft at the current rate, the total charges would amount to Rs 2,43,000.

Which office handles registrations for Teacher's Colony?

The Madhavaram Sub Registrar Office handles registrations for Teacher's Colony, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.