Guideline Value for N.G.O.Colony 1st Street

N.G.O.Colony 1st Street guideline value

The current guideline value of N.G.O.Colony 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

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

The guideline value for N.G.O.Colony 1st Street has seen significant changes over the years. In 2002, the guideline value was Rs 352 per sq.ft, which increased to Rs 385 per sq.ft in 2003. The value continued to rise, reaching Rs 850 per sq.ft in 2007, followed by a substantial jump to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017. The value then increased to Rs 4,000 per sq.ft in 2023 and is currently at Rs 4,400 per sq.ft as of the 2024 revision.

From 2017 to 2023, the guideline value rose by 49%, and from 2023 to 2024, it increased by 10%. The most notable increase occurred from 2007 to 2012, with a rise of 371%. Overall, from 2002 to 2024, the guideline value has increased by 1150%.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 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 Street.

• N.G.O.Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• N.G.O.Colony 3rd Street: Rs 4,400 per sq.ft (2024)
• North Mada Street: Rs 3,850 per sq.ft (2024)
• N.S.K. Street: Rs 9,900 per sq.ft (2024)
• Nehru Nagar Sastri Street: Rs 4,400 per sq.ft (2024)
• Nehru Nagar Main Road: Rs 4,400 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to 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 to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

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

The N.G.O.Colony 1st Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Saligramam. It serves as the basis for calculating the stamp duty and registration fees that buyers must pay when acquiring property.

When selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. It is essential for both buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of N.G.O.Colony 1st Street 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 significantly, increasing from Rs 352 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 1150%.

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

The land classification for N.G.O.Colony 1st Street is Residential Class II Type - I.

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

The Virugambakkam Sub Registrar Office covers N.G.O.Colony 1st Street and is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is stamp duty calculated for properties in N.G.O.Colony 1st Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a total stamp duty of Rs 3,08,000.