Guideline Value for 3RD AVENUE (New Colony)

3RD AVENUE (New Colony) guideline value

The current guideline value of 3RD AVENUE (New Colony) in Naduvakkarai village is Rs 15,900 per sq.ft, effective from 1 July 2024. This property falls under the jurisdiction of the AnnaNagar SRO and is classified as Commercial Class I Type - I.

How the guideline value of 3RD AVENUE (New Colony) has changed

The guideline value for 3RD AVENUE (New Colony) has undergone several revisions over the years. In 2012, the value was Rs 14,500 per sq.ft. This figure remained unchanged until 2017, when it dropped to Rs 9,715 per sq.ft, reflecting a decrease of 33%. However, from 2017 to 2023, the value rose significantly to Rs 14,500 per sq.ft, marking a 49% increase. The most recent revision in 2024 has seen the guideline value increase to Rs 15,900 per sq.ft, which is a 10% rise from the previous year.

It is important to note that the register has no figure for 3RD AVENUE (New Colony) for the years 2002, 2003, and 2007. Overall, comparing the values from 2012 to 2024, there has been a 10% increase, indicating a notable fluctuation in the guideline value over the years.

Guideline values in Naduvakkarai

Naduvakkarai village has a total of 148 streets under the AnnaNagar SRO, with guideline values ranging from Rs 3,300 to Rs 15,900 per sq.ft. The median guideline value in the village is Rs 11,500 per sq.ft, placing the 2024 value of 3RD AVENUE (New Colony) above this median.

• 4TH AVENUE (New Colony): Rs 15,900 per sq.ft (2024)
• 5th Street – 30 (Except Plot no 3347): Rs 11,500 per sq.ft (2024)
• 5th Street – 30 (Plot no 3347 only): Rs 11,500 per sq.ft (2024)
• Y Block 3rd Street: Rs 12,600 per sq.ft (2024)
• Y Block 1st Street: Rs 12,600 per sq.ft (2024)
• X Block Second Avenue C-45A,C46,C46A, B,C 47 C48 Ayyappa Temple Avin LIC Office, Tower Block, TNHB Office: Rs 15,900 per sq.ft (2024)

Stamp duty and registration fee for property in 3RD AVENUE (New Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 15,900 per sq.ft, the total guideline value amounts to Rs 1,59,00,000. The stamp duty at 7% would be Rs 11,13,000, and the registration fee at 2% would be Rs 3,18,000, bringing the total fees to Rs 14,31,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more specific calculations.

Which Sub Registrar Office covers 3RD AVENUE (New Colony)?

The 3RD AVENUE (New Colony) property is covered by the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor during the registration of property transactions in Naduvakkarai. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that both buyers and sellers adhere to the legal requirements set by the government.

When a property is bought or sold, the guideline value is referenced to determine the official value of the property. This helps in maintaining transparency and standardization in property transactions, thereby protecting the interests of all parties involved.

Frequently asked questions

What is the current guideline value of 3RD AVENUE (New Colony)?

The current guideline value of 3RD AVENUE (New Colony) is Rs 15,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 14,500 in 2012 to Rs 9,715 in 2017, then back to Rs 14,500 in 2023, and finally to Rs 15,900 in 2024.

What is the land classification of 3RD AVENUE (New Colony)?

3RD AVENUE (New Colony) is classified as Commercial Class I Type - I.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 14,31,000.

Which Sub Registrar Office covers this area?

The AnnaNagar Sub Registrar Office covers 3RD AVENUE (New Colony), located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.