Guideline Value for New Building Colony

New Building Colony guideline value

The current guideline value for New Building Colony in Menambedu village, under the Ambattur SRO, is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - I.

How the guideline value of New Building Colony has changed

Over the years, the guideline value for New Building Colony has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which was then reduced to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in 2023, and finally, the current value is Rs 1,300 per sq.ft as of 2024. The register has no figures for the years 2002, 2003, and 2007.

From the 2017 to 2023 revision, there was a significant increase of 49%. The change from 2023 to 2024 reflects an 8% increase. Overall, comparing the 2012 revision to the 2024 revision, there is an 8% increase in the guideline value.

Guideline values in Menambedu

In Menambedu, there are 171 streets under the Ambattur SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 6,680 per sq.ft. The median guideline value for these streets is Rs 1,003 per sq.ft, placing New Building Colony's 2024 figure above this median.

• Netaji Street: Rs 1,300 per sq.ft (2024)
• Nehru Street: Rs 1,300 per sq.ft (2024)
• Nirmal Nagar: Rs 1,002 per sq.ft (2024)
• Old Mariyamman Koil Street: Rs 1,001 per sq.ft (2024)
• Old Street: Rs 1,001 per sq.ft (2024)
• Narayanan Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in New Building Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty, charged at 7%, would be Rs 91,000, while the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Building Colony?

The New Building Colony is covered by the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Menambedu. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency and consistency in property dealings.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of their transactions based on the established guideline values.

Frequently asked questions

What is the current guideline value for New Building Colony?

The current guideline value for New Building Colony is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for New Building Colony?

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

What are the stamp duty rates for property in New Building Colony?

The stamp duty for property transactions in New Building Colony is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for New Building Colony located?

The Ambattur Sub Registrar Office, which covers New Building Colony, is located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone.