Guideline Value for N.R.N.COLONY

N.R.N.Colony guideline value

The current guideline value of N.R.N.Colony, located in Villivakkam village under the Villivakkam SRO, is Rs 3,300 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - II.

How the guideline value of N.R.N.Colony has changed

The guideline value for N.R.N.Colony has seen several revisions over the years. Starting from Rs 529 per sq.ft in 2002, the value increased to Rs 605 per sq.ft in 2003, marking a 14% rise. The value further increased to Rs 950 per sq.ft in 2007, which represented a significant 57% increase. In 2012, the guideline value was Rs 3,000 per sq.ft, showing a remarkable 216% increase from the previous revision. However, it then dropped to Rs 2,010 per sq.ft in 2017, reflecting a decrease of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and finally, it reached Rs 3,300 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 524%. There are no figures available for the revisions in years not listed in the register for this street.

Guideline values in Villivakkam

In Villivakkam, there are 372 streets under the Villivakkam SRO carrying a 2024 guideline value ranging from Rs 1,600 to Rs 13,200 per sq.ft, with a median value of Rs 4,900 per sq.ft. The guideline value for N.R.N.Colony is below this median.

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

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, the total cost for stamp duty and registration would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers N.R.N.Colony?

The N.R.N.Colony falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the 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 during the registration process when buying or selling property in Villivakkam. It is used to determine the stamp duty and registration fees that must be paid, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the guideline value is compared to the sale price. The higher of the two amounts is used to calculate the applicable duties and fees, ensuring that the government receives the correct revenue from property transactions.

Frequently asked questions

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

The current guideline value of N.R.N.Colony 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 increased from Rs 529 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 524% over the years.

What is the land classification for N.R.N.Colony?

The land classification for N.R.N.Colony is Residential Class IV Type - II.

What are the stamp duty and registration fees for properties in N.R.N.Colony?

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.

Which office handles registrations for N.R.N.Colony?

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