Guideline Value for UNITED COLONY BAGAVATHY NAGAR ANNEX SALAI

United Colony Bagavathy Nagar Annex Salai guideline value

The current guideline value of United Colony Bagavathy Nagar Annex Salai is Rs 2,200 per sq.ft, effective from 1 July 2024. This property is located in Medavakkam village under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of United Colony Bagavathy Nagar Annex Salai has changed

The guideline value for United Colony Bagavathy Nagar Annex Salai has undergone several revisions over the years. The 2012 revision set the value at Rs 2,000 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value back up to Rs 2,000 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 2,200 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for this street in the revisions of 2002, 2003, and 2007. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

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 guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value for United Colony Bagavathy Nagar Annex Salai.

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

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, resulting in a total of Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers United Colony Bagavathy Nagar Annex Salai?

The Sub Registrar Office that covers United Colony Bagavathy Nagar Annex Salai 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 plays a crucial role in the registration process when buying or selling property in Medavakkam. It is used to determine the stamp duty and registration fees that must be paid during the transaction. Buyers should be aware that the guideline value is set by the government and reflects the minimum value for property transactions in the area.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the transaction is registered at a value that is consistent with government assessments of property worth.

Frequently asked questions

What is the current guideline value of United Colony Bagavathy Nagar Annex Salai?

The current guideline value of United Colony Bagavathy Nagar Annex Salai 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 back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for this area?

The land classification for United Colony Bagavathy Nagar Annex Salai is Residential Class I Type - I.

Where can I find the Sub Registrar Office for this property?

The Sub Registrar Office for United Colony Bagavathy Nagar Annex Salai 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.

How is stamp duty calculated for properties in this area?

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