Guideline Value for N.R.N.COLONY 1ST LANE

N.R.N.Colony 1st Lane guideline value

The current guideline value of N.R.N.Colony 1st Lane is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Villivakkam village under the Villivakkam SRO and is classified as Residential Class IV Type - II.

How the guideline value of N.R.N.Colony 1st Lane has changed

The guideline value for N.R.N.Colony 1st Lane has seen several revisions over the years. The 2012 revision set the value at Rs 3,000 per sq.ft, which was followed by a decrease to Rs 2,010 per sq.ft in the 2017 revision. From 2017 to 2023, the value increased significantly to Rs 3,000 per sq.ft, marking a 49% rise. The most recent revision in 2024 has further increased the value to Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,900 per sq.ft, placing N.R.N.Colony 1st Lane's 2024 figure below this median.

• N.R.N.Colony: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony 2nd Lane: Rs 3,300 per sq.ft (2024)
• N.R.N.Avenue: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony Main Road: Rs 3,300 per sq.ft (2024)
• North Main Road: Rs 12,100 per sq.ft (2024)
• New Avadi Road: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in N.R.N.Colony 1st Lane

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers N.R.N.Colony 1st Lane?

The Sub Registrar Office that covers N.R.N.Colony 1st Lane is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Villivakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the registration office uses the guideline value to calculate the applicable fees. Buyers should be aware that the duty is charged based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of N.R.N.Colony 1st Lane?

The current guideline value of N.R.N.Colony 1st Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2023 to Rs 3,300 per sq.ft in 2024, reflecting a 10% increase. It was Rs 2,010 per sq.ft in 2017, showing a 49% increase from that year to 2023.

What are the registration fees for property in N.R.N.Colony 1st Lane?

For a property valued at Rs 33,00,000, the stamp duty would be Rs 2,31,000 and the registration fee would be Rs 66,000, totaling Rs 2,97,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office should I visit for transactions in N.R.N.Colony 1st Lane?

The Villivakkam Sub Registrar Office covers N.R.N.Colony 1st Lane. It is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of N.R.N.Colony 1st Lane?

N.R.N.Colony 1st Lane is classified as Residential Class IV Type - II, which indicates its designated use for residential purposes.