Guideline Value

Corporate

Guideline Value for New Colony 1st Street

₹4400/sq.ft.

The guideline value for New Colony 1st Street in Virugambakkam village (Virugambakkam SRO, Chennai zone) is Rs 4400 per sq.ft, effective 1 July 2024. It was Rs 4000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Iii Type - I. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Virugambakkam

Village

Virugambakkam

SRO

Residential Class III Type - I
History
Period Guideline Value
From 1-7-2024 ₹4400 /sq.ft.
From 1-4-2023 ₹4000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2680 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹4000 /sq.ft.
From 1-8-2007 To 31-3-2012 ₹1100 /sq.ft.
From 1-4-2003 To 31-7-2007 ₹770 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹695 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037
044-23641794
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on New Colony 1st Street

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New Colony 1st Street guideline value

The current guideline value of New Colony 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of New Colony 1st Street has changed

The guideline value of New Colony 1st Street has undergone several revisions over the years. In 2002, the guideline value was set at Rs 695 per sq.ft, which increased to Rs 770 per sq.ft in 2003, marking an 11% rise. The value saw a significant increase to Rs 1,100 per sq.ft in 2007, reflecting a 43% change. By 2012, the value reached Rs 4,000 per sq.ft, indicating a substantial 264% increase from the previous revision. However, it then decreased to Rs 2,680 per sq.ft in 2017, which was a decline of 33% from 2012.

In 2023, the guideline value was revised to Rs 4,000 per sq.ft, and it saw a 49% increase to Rs 4,400 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 533%. The register has no figures for revisions in years other than those listed.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is the same as the current value for New Colony 1st Street.

Stamp duty and registration fee for property in New Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000. Together, these costs would total Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers New Colony 1st Street?

The Sub Registrar Office that covers New Colony 1st Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

When buying or selling property in Virugambakkam, the guideline value plays a crucial role in determining the applicable stamp duty and registration fees. The guideline value is used as a reference point for calculating these fees, ensuring that they are based on the official valuation of the property.

It is essential for buyers and sellers to be aware of the current guideline value, as it can impact the overall cost of the transaction. Understanding the guideline value helps in making informed decisions during the property registration process.

Frequently asked questions

What is the current guideline value of New Colony 1st Street?

The current guideline value of New Colony 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 695 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting a significant overall increase of 533% over the years.

What are the stamp duty and registration fees for property in New Colony 1st Street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which Sub Registrar Office handles registrations for New Colony 1st Street?

The Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, handles registrations for New Colony 1st Street.

What is the land classification for New Colony 1st Street?

The land classification for New Colony 1st Street is Residential Class III Type - I, indicating its designated use for residential purposes.