Guideline Value for NEW INDIA COLONY

New India Colony guideline value

The current guideline value of New India Colony, located in Perungudi village under the Neelankarai SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - I land classification.

How the guideline value of New India Colony has changed

The guideline value for New India Colony has seen several revisions over the years. In 2002, the value was Rs 147 per sq.ft, which increased to Rs 250 per sq.ft in 2003. Following this, the value rose significantly to Rs 600 per sq.ft in 2007. The 2012 revision saw the value remain at Rs 3,500 per sq.ft, but it dropped to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,900 per sq.ft as of the 2024 revision.

Notable changes between the revisions include an increase of 11% from 2023 to 2024, a 49% increase from 2017 to 2023, and a significant drop of 33% from 2012 to 2017. The value saw a remarkable increase of 483% from 2007 to 2012 and a 140% rise from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 2553%.

Guideline values in Perungudi

In Perungudi, there are 249 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value for New India Colony is above this median.

• New India Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• New India Colony 3rd Street: Rs 3,900 per sq.ft (2024)
• New India Colony Ist Street: Rs 3,900 per sq.ft (2024)
• New India Colony Main Road: Rs 3,900 per sq.ft (2024)
• Nethaji Nagar: Rs 3,300 per sq.ft (2024)
• Nehru Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in New India Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total to Rs 3,51,000. 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 New India Colony?

The Sub Registrar Office that covers New India Colony is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Perungudi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When buyers and sellers engage in a transaction, the guideline value ensures that the property is valued accurately for legal and financial purposes. This helps maintain transparency and compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of New India Colony?

The current guideline value of New India Colony is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the earliest recorded value in 2002 being Rs 147 per sq.ft, rising to Rs 3,900 per sq.ft in 2024. The revisions show various increases and decreases, with the most recent increase being 11% from 2023 to 2024.

What is the land classification for New India Colony?

New India Colony is classified as Residential Class II Type - I, which is important for understanding the type of development allowed in the area.

What are the stamp duty and registration fees for a property in New India Colony?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. This office handles the registration of properties in New India Colony.