Guideline Value for N.R.N.COLONY 2ND LANE

N.R.N.Colony 2nd Lane guideline value

The current guideline value of N.R.N.Colony 2nd 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 it falls under the Residential Class IV Type - II land classification.

How the guideline value of N.R.N.Colony 2nd Lane has changed

The guideline value for N.R.N.Colony 2nd Lane has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 3,000 per sq.ft. This figure decreased to Rs 2,010 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value saw a significant increase of 49%, bringing it back up to Rs 3,000 per sq.ft. The latest revision in 2024 set the guideline value at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that the register has no 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 that carry a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, indicating that N.R.N.Colony 2nd Lane's 2024 figure is below that median.

• N.R.N.Colony 1st Lane: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony Main Road: Rs 3,300 per sq.ft (2024)
• N.R.N.Colony: Rs 3,300 per sq.ft (2024)
• N.R.N.Avenue: 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 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, these fees would total Rs 2,97,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers N.R.N.Colony 2nd Lane?

The N.R.N.Colony 2nd Lane falls under the jurisdiction of 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 details.

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

The guideline value plays a crucial role in the registration process of property transactions in Villivakkam. It is used to determine the stamp duty and registration fees that buyers and sellers must pay when completing a property transaction. The guideline value is set by the Registration Department and is subject to periodic revisions based on market conditions.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly affects the costs associated with registration. Buyers should ensure they are informed about the latest revisions to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of N.R.N.Colony 2nd Lane?

The current guideline value of N.R.N.Colony 2nd 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, an increase of 10%. It was Rs 2,010 per sq.ft in 2017 and Rs 3,000 per sq.ft in 2012.

What is the land classification for N.R.N.Colony 2nd Lane?

N.R.N.Colony 2nd Lane is classified under Residential Class IV Type - II.

Which office handles registrations for N.R.N.Colony 2nd Lane?

The Villivakkam Sub Registrar Office handles registrations for N.R.N.Colony 2nd Lane, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is the stamp duty calculated for properties in N.R.N.Colony 2nd Lane?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a plot valued at Rs 33,00,000, the stamp duty at 7% would be Rs 2,31,000.