Guideline Value for NEW COLONY

New Colony guideline value

The current guideline value of New Colony in Ernavur village, under the Thiruvottiyur SRO, is Rs 1,400 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - III land classification.

How the guideline value of New Colony has changed

The guideline value for New Colony has seen several revisions over the years. In 2007, the guideline value was Rs 350 per sq.ft. This increased significantly to Rs 1,300 per sq.ft in 2012, marking a rise of 271%. However, the value decreased to Rs 871 per sq.ft in 2017, a decline of 33%. The subsequent revision in 2023 raised the value to Rs 1,300 per sq.ft, and the latest revision in 2024 set it at Rs 1,400 per sq.ft, reflecting an increase of 8% from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Overall, from 2007 to 2024, the guideline value has increased by 300%. The fluctuations in the guideline value over the years highlight the changes in property valuation in this locality.

Guideline values in Ernavur

In Ernavur, there are 82 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 7,300 per sq.ft. The median guideline value for these streets is Rs 1,600 per sq.ft, indicating that New Colony's current rate of Rs 1,400 per sq.ft is below this median.

• Nethal Nagar(TNHB): Rs 3,300 per sq.ft (2024)
• Nethaji Nagar: Rs 1,600 per sq.ft (2024)
• Neithal: Rs 3,800 per sq.ft (2024)
• Palagai Thottikuppam: Rs 1,400 per sq.ft (2024)
• MURUGAPPA NAGAR (V.O.C. Street): Rs 1,800 per sq.ft (2024)
• MURUGAPPA NAGAR (Thiruvalluvar Street): Rs 1,800 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 1,400 per sq.ft, the total guideline value amounts to Rs 14,00,000. The stamp duty at 7% would be Rs 98,000, and the registration fee at 2% would be Rs 28,000, bringing the total cost for these fees to Rs 1,26,000. It's important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony?

The Sub Registrar Office that covers New Colony is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is a crucial aspect of property transactions in Ernavur, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction is legally recognized.

Additionally, the guideline value helps in assessing the fair valuation of properties in the area, providing a benchmark for both buyers and sellers. It is essential for all parties involved in a property transaction to be aware of the current guideline value to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of New Colony?

The current guideline value of New Colony is Rs 1,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has experienced several revisions, increasing from Rs 350 per sq.ft in 2007 to Rs 1,400 per sq.ft in 2024. Notable changes include a rise of 271% from 2007 to 2012 and a decrease of 33% from 2012 to 2017.

What are the guideline values of other streets in Ernavur?

Other streets in Ernavur have varying guideline values, ranging from Rs 1,000 to Rs 7,300 per sq.ft. For example, Nethal Nagar has a value of Rs 3,300 per sq.ft, while Nethaji Nagar is at Rs 1,600 per sq.ft.

What fees are associated with property registration in New Colony?

When registering property in New Colony, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value. For a 1,000 sq.ft plot, the total fees would amount to Rs 1,26,000.

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

The Sub Registrar Office covering New Colony is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. This office handles all property registrations in the area.