Guideline Value for Vinayagar Colony

Vinayagar Colony guideline value

The current guideline value of Vinayagar Colony, located in Kolathur village under the Sembiam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of Vinayagar Colony has changed

The guideline value of Vinayagar Colony has seen several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, in 2017, the value dropped to Rs 1,675 per sq.ft, before rising again to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 has raised the guideline value to Rs 2,700 per sq.ft.

In terms of percentage changes, the guideline value increased by 150% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023. The jump from 2023 to 2024 reflects an increase of 8%. Overall, from 2007 to 2024, the guideline value has risen by 170%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Kolathur

In Kolathur, there are 879 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for Vinayagar Colony is below this median.

• Vinayagar Koil Street: Rs 2,200 per sq.ft (2024)
• Vinobaba Nagar: Rs 2,200 per sq.ft (2024)
• Vinobha Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Vijaya Nagar Extension: Rs 2,200 per sq.ft (2024)
• Vivekananda Street (Ramakrishna Nagar): Rs 2,200 per sq.ft (2024)
• Vivekanandha Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayagar 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, while the registration fee at 2% would be Rs 54,000, making the total charges Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vinayagar Colony?

The Sembiam Sub Registrar Office covers Vinayagar Colony, located at 5, Papermills Road, Sembiam, Chennai - 600011. For more information, you can find your SRO.

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

When buying or selling property in Kolathur, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is the minimum value set by the government for property transactions and is used to calculate the applicable duties.

During the registration process, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Vinayagar Colony?

The current guideline value of Vinayagar 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 several times, starting from Rs 1,000 per sq.ft in 2007, increasing to Rs 2,500 in 2012, dropping to Rs 1,675 in 2017, rising again to Rs 2,500 in 2023, and finally reaching Rs 2,700 in 2024.

What is the land classification for Vinayagar Colony?

Vinayagar Colony is classified under Residential Class II Type - I, which indicates its designation for residential use.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles property registrations for Vinayagar Colony.

How is the stamp duty calculated for properties in Vinayagar Colony?

Stamp duty for properties in Vinayagar Colony is calculated based on the higher of the guideline value or the sale price. The current rate for stamp duty is 7%, while the registration fee is 2% of the guideline value or sale price.