Guideline Value for New Bank of India Colony

New Bank of India Colony guideline value

The current guideline value of New Bank of India Colony is Rs 300 per sq.ft, effective from 1 July 2024. This area is located in Katrampakkam village, under the Sriperumpudur SRO, and is classified as Residential Class II Type - I.

How the guideline value of New Bank of India Colony has changed

Over the years, the guideline value of New Bank of India Colony has seen several revisions. The 2012 revision set the value at Rs 300 per sq.ft, which remained unchanged in the 2017 revision. However, in 2017, the value was reduced to Rs 201 per sq.ft. The 2023 revision brought the value back to Rs 300 per sq.ft, and the 2024 revision maintained this figure with no percentage change. Notably, the register has no figure for this street in the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. Following that, there was a significant increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has remained unchanged at Rs 300 per sq.ft.

Guideline values in Katrampakkam

Katrampakkam has 41 streets under the Sriperumpudur SRO, with guideline values ranging from Rs 150 to Rs 800 per sq.ft. The median guideline value in this area is Rs 250 per sq.ft, making the New Bank of India Colony's 2024 figure above that median.

• Naari Kazhani Street: Rs 150 per sq.ft (2024)
• Pakiya Nagar: Rs 300 per sq.ft (2024)
• Pallavan Nagar: Rs 500 per sq.ft (2024)
• M.G.R Street: Rs 150 per sq.ft (2024)
• Mettu Street: Rs 300 per sq.ft (2024)
• Perumal Koil Street: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in New Bank of India Colony

For a 1,000 sq.ft plot at the current rate of Rs 300 per sq.ft, the guideline value amounts to Rs 3,00,000. The stamp duty, calculated at 7%, would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, bringing the total to Rs 27,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers New Bank of India Colony?

The New Bank of India Colony falls under the jurisdiction of the Sriperumpudur Sub Registrar Office, located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Katrampakkam. It serves as the baseline for calculating stamp duty and registration fees, ensuring that these costs reflect the official valuation of the property.

When buying or selling property, the guideline value helps both parties understand the official worth of the property. It is essential for buyers to be aware of these values to ensure they are paying a fair amount in taxes and fees during the registration process.

Frequently asked questions

What is the current guideline value of New Bank of India Colony?

The current guideline value of New Bank of India Colony is Rs 300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, with the most recent revisions in 2024 and 2023 both setting it at Rs 300 per sq.ft. The value was Rs 201 per sq.ft in 2017 and Rs 300 per sq.ft in 2012.

What is the land classification for New Bank of India Colony?

New Bank of India Colony is classified as Residential Class II Type - I, indicating its designation for residential use.

What other streets have guideline values in Katrampakkam?

Other streets in Katrampakkam have varying guideline values, ranging from Rs 150 to Rs 800 per sq.ft. For example, Naari Kazhani Street has a value of Rs 150 per sq.ft, while Pallavan Nagar is valued at Rs 500 per sq.ft.

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

The Sub Registrar Office covering New Bank of India Colony is located at 27, Chetty Street, Sriperumpudur-602 105, Chengalpattu registration zone. You can find more information by visiting the relevant links.