Guideline Value for WELCOME COLONY

Welcome Colony guideline value

The current guideline value of Welcome Colony, located in Padi village under the Villivakkam SRO, is Rs 8,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of Welcome Colony has changed

The guideline value of Welcome Colony has seen several revisions over the years. In 2002, the rate was Rs 1,250 per sq.ft, which increased to Rs 1,405 per sq.ft in 2003, marking a 12% rise. The next revision in 2012 saw the value drop to Rs 7,500 per sq.ft, a decrease of 33%. However, by 2017, the value increased significantly to Rs 5,025 per sq.ft, and then rose to Rs 7,500 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 8,200 per sq.ft, a 9% increase from 2023.

It is important to note that the register has no figure for Welcome Colony for the year 2007. Overall, from 2002 to 2024, the guideline value has increased by 556%.

Guideline values in Padi

In Padi, there are 354 streets under the Villivakkam SRO with a 2024 guideline value ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 3,800 per sq.ft, and Welcome Colony's 2024 figure is above this median.

• W-BLOCK Inner Side Plot's: Rs 8,700 per sq.ft (2024)
• W-Block "d" Sector: Rs 8,700 per sq.ft (2024)
• W-Block "c" Sector: Rs 8,700 per sq.ft (2024)
• W-Block "b" Sector: Rs 8,700 per sq.ft (2024)
• W-Block "a" Sector: Rs 8,700 per sq.ft (2024)
• Western Apartments (North Main Road): Rs 13,100 per sq.ft (2024)

Stamp duty and registration fee for property in Welcome Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 8,200 per sq.ft, the total guideline value amounts to Rs 82,00,000. The stamp duty at 7% would be Rs 5,74,000, and the registration fee at 2% would be Rs 1,64,000, together totaling Rs 7,38,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Welcome Colony?

The Welcome Colony area falls under the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the applicable fees, ensuring that the transaction is in compliance with local regulations. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Welcome Colony?

The current guideline value of Welcome Colony is Rs 8,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,250 per sq.ft in 2002 to Rs 8,200 per sq.ft in 2024, reflecting an overall increase of 556%.

What is the land classification of Welcome Colony?

Welcome Colony is classified as Residential Class I Type - III.

Which office handles registrations for Welcome Colony?

The Villivakkam Sub Registrar Office handles registrations for Welcome Colony, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for property in Welcome Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 8,200 per sq.ft, the stamp duty would be Rs 5,74,000.