Guideline Value for N.G.O. Colony 1st Main Road

N.G.O. Colony 1st Main Road guideline value

The current guideline value of N.G.O. Colony 1st Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of N.G.O. Colony 1st Main Road has changed

The guideline value for N.G.O. Colony 1st Main Road has undergone several revisions over the years. In 2007, the guideline value was Rs 1,500 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 167%. However, from 2012 to 2017, the value decreased to Rs 2,680 per sq.ft, reflecting a decline of 33%. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, which is a substantial increase of 64% from the 2017 figure.

Overall, from 2007 to 2024, the guideline value has increased by 193%. It is important to note that the register has no figures for the years 2023, 2003, and 2002 for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of N.G.O. Colony 1st Main Road.

• N.G.O.Colony 1st Cross Street: Rs 3,850 per sq.ft (2024)
• N.G.O. Colony 2nd Cross Street: Rs 3,850 per sq.ft (2024)
• N.G.O. Colony 2nd Main Road: Rs 4,400 per sq.ft (2024)
• N.G.O. Colony 3rd Cross Street: Rs 3,850 per sq.ft (2024)
• N.G.O. Colony 4th Cross Street: Rs 3,850 per sq.ft (2024)
• N.G.O. Colony 5th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in N.G.O. Colony 1st Main Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers N.G.O. Colony 1st Main Road?

The N.G.O. Colony 1st Main Road is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration of property transactions in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling a property, the guideline value helps both parties understand the legal value of the property. This value is used to calculate the applicable stamp duty and registration fees, which are necessary for the legal transfer of ownership.

Frequently asked questions

What is the current guideline value of N.G.O. Colony 1st Main Road?

The current guideline value of N.G.O. Colony 1st Main Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 193% over the years.

What is the land classification for N.G.O. Colony 1st Main Road?

N.G.O. Colony 1st Main Road is classified as Residential Class II Type - II.

What is the stamp duty rate for property transactions?

The stamp duty rate for property transactions in Tamil Nadu is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for N.G.O. Colony 1st Main Road?

The Sub Registrar Office covering N.G.O. Colony 1st Main Road is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.