Guideline Value for UNITED COLONY

United Colony guideline value

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

How the guideline value of United Colony has changed

The guideline value for United Colony has seen several revisions over the years. In 2002, the value was Rs 117 per sq.ft, which increased significantly to Rs 136 per sq.ft in 2003. Following this, there was a dramatic rise to Rs 1,667 per sq.ft in 2007, and then it further increased to Rs 2,000 per sq.ft in 2012. However, there was a decrease to Rs 1,340 per sq.ft in 2017, before rising to Rs 2,000 per sq.ft again in 2023, and finally reaching Rs 2,200 per sq.ft in 2024.

Notable changes between revisions include a 1,126% increase from 2003 to 2007, a 20% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, and a 49% increase from 2017 to 2023. The most recent change from 2023 to 2024 is an increase of 10%. Overall, from 2002 to 2024, the guideline value has increased by 1,780%.

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 is Rs 2,200 per sq.ft, which is equal to the current value for United Colony.

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

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, bringing the total cost for these fees to 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 also use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers United Colony?

The Sub Registrar Office that covers United Colony 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 further assistance.

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

The guideline value plays a crucial role during the registration of property transactions in Medavakkam. It is used to determine the amount of stamp duty and registration fees that need to be paid when buying or selling property in the area. This ensures that the transaction is legally recognized and that the appropriate taxes are collected by the government.

When a buyer or seller approaches the Sub Registrar Office for registration, the guideline value will be referenced to calculate the total fees based on the property size and the applicable rates. This process helps maintain transparency and consistency in property transactions.

Frequently asked questions

What is the current guideline value of United Colony?

The current guideline value of United Colony 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 117 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 1,780% over this period.

What are the stamp duty and registration fees for property in United Colony?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office is responsible for United Colony?

The Chennai South Joint I Sub Registrar Office is responsible for United 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 United Colony?

United Colony falls under the Residential Class I Type - I land classification, indicating its designation for residential use.