Guideline Value for NEW COLONY

New Colony guideline value

The current guideline value of New Colony, located in Pallikaranai village, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of New Colony has changed

The guideline value for New Colony has seen significant changes over the years. In 2002, the guideline value was Rs 77 per sq.ft. This increased to Rs 100 per sq.ft in 2003, followed by a rise to Rs 400 per sq.ft in 2007. The value saw a substantial jump to Rs 2,000 per sq.ft in 2012, but then decreased to Rs 1,340 per sq.ft in 2017. The 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the most recent revision in 2024 set it at Rs 2,200 per sq.ft.

Between the revisions, the changes were notable. From 2002 to 2003, the increase was +30%. The value surged by +300% from 2003 to 2007, followed by a +400% increase from 2007 to 2012. However, there was a decrease of -33% from 2012 to 2017. The value then increased by +49% from 2017 to 2023. Finally, the guideline value rose by +10% from 2023 to 2024, resulting in an overall increase of +2757% from 2002 to 2024.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with 2024 guideline values 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's 2024 figure above that median.

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

Stamp duty and registration fee for property in New Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers New Colony?

The Sub Registrar Office that covers New Colony 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 information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value helps establish the minimum value at which the property can be registered. This ensures that both the buyer and seller comply with the legal requirements set by the registration authorities.

Frequently asked questions

What is the current guideline value of New Colony?

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

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 77 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, marking an overall increase of +2757% over the years.

What is the land classification for New Colony?

New Colony is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty rates applicable in New Colony?

The stamp duty rate in New Colony is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for New Colony?

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