Guideline Value for NEW COLONY CROSS ST.

New Colony Cross St. guideline value

The current guideline value of New Colony Cross St. is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village, under the Chennai South Joint I SRO, with a land classification of Residential Class II Type - I.

How the guideline value of New Colony Cross St. has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This value decreased to Rs 1,340 per sq.ft in the 2017 revision. Subsequently, in 2023, the guideline value increased to Rs 2,000 per sq.ft, and then it rose to Rs 2,200 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a significant increase of 49%. The transition from 2023 to 2024 saw a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing New Colony Cross St. above this median.

• New Dass School: Rs 1,320 per sq.ft (2024)
• New Colony 1st Street: Rs 2,200 per sq.ft (2024)
• New Colony: Rs 2,200 per sq.ft (2024)
• New Balaji Nagar: Rs 1,320 per sq.ft (2024)
• New Nagar: Rs 1,320 per sq.ft (2024)
• Nethaji Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony Cross St.

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers New Colony Cross St.?

The Sub Registrar Office covering New Colony Cross St. is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035. You can find your SRO for more details.

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

The guideline value is a critical factor during property registration in Pallikaranai. It determines the minimum value at which the property can be registered, ensuring that the transaction is recorded at a value that reflects the official rates set by the government.

When buying or selling property, the guideline value influences the stamp duty and registration fees that need to be paid. Buyers should be aware that these costs are calculated based on the higher of the guideline value and the sale price, ensuring compliance with legal requirements.

Frequently asked questions

What is the current guideline value of New Colony Cross St.?

The current guideline value of New Colony Cross St. is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: it was Rs 2,000 per sq.ft in 2012, decreased to Rs 1,340 per sq.ft in 2017, increased to Rs 2,000 per sq.ft in 2023, and finally rose to Rs 2,200 per sq.ft in 2024.

What is the land classification of New Colony Cross St.?

New Colony Cross St. is classified as Residential Class II Type - I.

Where is the Sub Registrar Office for New Colony Cross St. located?

The Sub Registrar Office for New Colony Cross St. is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000.