Guideline Value for NEW POSTAL COLONY STREET

New Postal Colony Street guideline value

The current guideline value of New Postal Colony Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village and falls under the Thiyagaraya nagar SRO, classified as Residential Class I Type - II.

How the guideline value of New Postal Colony Street has changed

The guideline value for New Postal Colony Street has seen significant changes over the years. In 2002, the guideline value was Rs 1,021 per sq.ft, which increased to Rs 2,000 per sq.ft in 2003, marking a 96% rise. The value continued to climb to Rs 3,000 per sq.ft in 2007, representing a 50% increase. By 2012, the value reached Rs 8,000 per sq.ft, a substantial 167% increase from the previous revision. However, this was followed by a decrease to Rs 5,360 per sq.ft in 2017, which was a 33% drop. The value then increased to Rs 8,000 per sq.ft in 2023, before rising to the current value of Rs 8,800 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 762%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Tnagar

In Tnagar, there are a total of 262 streets under the Thiyagaraya nagar SRO, with 2024 guideline values ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value for these streets is Rs 11,000 per sq.ft, placing New Postal Colony Street's 2024 figure below that median.

• New Giri Road: Rs 8,800 per sq.ft (2024)
• New Giri Ist Street: Rs 8,800 per sq.ft (2024)
• New Boag Road: Rs 9,900 per sq.ft (2024)
• North Boag Road: Rs 11,000 per sq.ft (2024)
• North Boag Road(2nd Cross Street, 2nd Lane): Rs 11,000 per sq.ft (2024)
• North Dhandapani Street / Dhandapani Street: Rs 13,200 per sq.ft (2024)

Stamp duty and registration fee for property in New Postal Colony Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that 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 more details.

Which Sub Registrar Office covers New Postal Colony Street?

The Sub Registrar Office that covers New Postal Colony Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. To find your SRO, you can visit find your SRO.

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

The guideline value plays a crucial role when buying or selling property in Tnagar. It serves as a benchmark for calculating the stamp duty and registration fees during the property registration process. Buyers and sellers must be aware of this value to ensure compliance with legal requirements and to understand the financial implications of their transactions.

When a property is registered, the guideline value is used to determine the applicable fees, which can significantly impact the overall cost of the transaction. Therefore, it is essential for both buyers and sellers to stay informed about the current guideline value to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of New Postal Colony Street?

The current guideline value of New Postal Colony Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,021 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 762% over the years.

What is the stamp duty rate for properties in New Postal Colony Street?

The stamp duty rate for properties in New Postal Colony Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for New Postal Colony Street?

The Thiyagaraya nagar Sub Registrar Office is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How is the guideline value used during property transactions?

The guideline value is used to calculate the stamp duty and registration fees when buying or selling property. It is essential for buyers and sellers to know this value to ensure compliance with legal requirements during the registration process.