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. This colony is located in Katrampakkam B village, under the Sriperumpudur SRO. The land classification for this area is Residential Class II Type - I.

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

In the 2017 revision, the guideline value was set at Rs 201 per sq.ft. This figure remained unchanged at Rs 300 per sq.ft in the 2023 revision and continued to be Rs 300 per sq.ft in the 2024 revision, effective from 1 July 2024. The register has no figures for the years 2002, 2003, 2007, and 2012 for this street.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. This increase was sustained from 2017 to 2024, resulting in an overall change of 49% during this period, with the current rate remaining stable at Rs 300 per sq.ft since 2023.

Guideline values in Katrampakkam B

In Katrampakkam B, there are 44 streets under the Sriperumpudur SRO that carry a 2024 guideline value, ranging from Rs 150 to Rs 800 per sq.ft. The median guideline value for these streets is Rs 275 per sq.ft, placing 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, the guideline value amounts to Rs 3,00,000. The stamp duty at 7% would be Rs 21,000, and the registration fee at 2% would be Rs 6,000, totaling Rs 27,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Bank of India Colony?

The New Bank of India Colony falls under 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 B

The guideline value is a crucial factor during the registration of property transactions in Katrampakkam B. It serves as the minimum value for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When you buy or sell property, the guideline value helps determine the financial obligations involved in the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

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 remained unchanged at Rs 300 per sq.ft from 2023 to 2024. However, it increased by 49% from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in 2023.

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

The land classification for New Bank of India Colony is Residential Class II Type - I.

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.

How is the stamp duty calculated for properties in New Bank of India Colony?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is also applicable on the same amount.