Guideline Value for UNITED COLONY 1ST STREET

United Colony 1st Street guideline value

The current guideline value of United Colony 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of United Colony 1st Street has changed

Over the years, the guideline value for United Colony 1st Street has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which was then reduced to Rs 1,340 per sq.ft in 2017. Following this, the value increased to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 has set the value at Rs 2,200 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 shows a modest increase of 10%. The latest revision of Rs 2,200 per sq.ft represents a 10% increase from the previous year’s value of Rs 2,000 per sq.ft.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which aligns with the guideline value of United Colony 1st Street.

• United Colony 1st Cross Street: Rs 2,200 per sq.ft (2024)
• United Colony 2nd Street: Rs 2,200 per sq.ft (2024)
• United Colony: Rs 2,200 per sq.ft (2024)
• United Colony Bagavathy Nagar Annex Salai: Rs 2,200 per sq.ft (2024)
• Vadakkupattu Annex Salai: Rs 2,750 per sq.ft (2024)
• Vadakkupattu Thiruvalluvar 1st Cross Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in United Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers United Colony 1st Street?

The Sub Registrar Office that covers United Colony 1st Street is 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 more details.

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

The guideline value is an important factor in property transactions in Medavakkam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value reflects the minimum value at which a property can be registered.

When you buy or sell property, the registration office will use the guideline value to assess the appropriate fees. It is essential to be aware of the guideline value to ensure that you are prepared for the costs associated with the transaction.

Frequently asked questions

What is the current guideline value of United Colony 1st Street?

The current guideline value of United Colony 1st Street 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 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and finally set at Rs 2,200 per sq.ft in 2024.

What is the registration fee for property in United Colony 1st Street?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 22,00,000, the registration fee would be Rs 44,000.

Where is the Sub Registrar Office for United Colony 1st Street located?

The Sub Registrar Office for United Colony 1st Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, which is the same as the guideline value for United Colony 1st Street.