Guideline Value for N.G.O.Colony 3rd Street

N.G.O.Colony 3rd Street guideline value

The current guideline value of N.G.O.Colony 3rd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Saligramam village under the Virugambakkam SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of N.G.O.Colony 3rd Street has changed

The guideline value for N.G.O.Colony 3rd Street has seen several revisions over the years. In 2002, the value was Rs 352 per sq.ft, which increased to Rs 385 per sq.ft in 2003, marking a 9% rise. The value continued to rise significantly, reaching Rs 850 per sq.ft in 2007, an increase of 121%. By 2012, the value was Rs 4,000 per sq.ft, reflecting a substantial increase of 371% from the previous revision.

From 2012 to 2017, the guideline value decreased to Rs 2,680 per sq.ft, a drop of 33%. However, the value rebounded significantly to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft following a 10% increase in the 2024 revision.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is equal to the 2024 guideline value for N.G.O.Colony 3rd Street.

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

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 amount to Rs 3,08,000, while 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.

You can use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers N.G.O.Colony 3rd Street?

The Sub Registrar Office that covers N.G.O.Colony 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value is an essential factor in property transactions in Saligramam. It serves as a benchmark for determining the minimum value of a property for registration purposes. When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

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

Frequently asked questions

What is the current guideline value of N.G.O.Colony 3rd Street?

The current guideline value of N.G.O.Colony 3rd 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 multiple times, starting from Rs 352 per sq.ft in 2002 to the current Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 1150% since 2002.

What is the stamp duty rate for properties in N.G.O.Colony 3rd Street?

The stamp duty rate for properties in N.G.O.Colony 3rd Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for N.G.O.Colony 3rd Street located?

The Sub Registrar Office for N.G.O.Colony 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How can I calculate the registration fees for my property?

You can calculate the registration fees for your property using the stamp duty and registration fee calculator, which provides detailed calculations based on your property's guideline value.