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Guideline Value

Corporate

Guideline Value for New Colony 2nd Street

₹4400/sq.ft.

The guideline value for New Colony 2nd 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 2nd Street

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New Colony 2nd Street guideline value

The current guideline value of New Colony 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village, under the Virugambakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of New Colony 2nd Street has changed

The guideline value for New Colony 2nd Street has seen several revisions over the years. In 2002, the value was Rs 695 per sq.ft, which increased to Rs 770 per sq.ft in 2003. The value rose significantly to Rs 1,100 per sq.ft in 2007, and further increased to Rs 4,000 per sq.ft in 2012. However, it decreased to Rs 2,680 per sq.ft in 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, which was then raised to Rs 4,400 per sq.ft in the 2024 revision, marking a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 533%. The revisions for 2017, 2023, and 2024 show a significant rise, especially from 2017 to 2023, which saw a 49% increase. The register has no figure for the years not mentioned in the revisions.

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 value is Rs 4,400 per sq.ft, which is equal to the current guideline value of New Colony 2nd Street.

Stamp duty and registration fee for property in New Colony 2nd 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, bringing the total to Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony 2nd Street?

The Sub Registrar Office that covers New Colony 2nd 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

The guideline value is an essential factor in the registration process for property transactions in Virugambakkam. It serves as a benchmark for determining the amount of stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the guideline value helps ensure that the transaction is recorded at a fair price, aligning with the official rates set by the government. Buyers and sellers should be aware of these values to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of New Colony 2nd Street?

The current guideline value of New Colony 2nd 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 an overall increase of 533% over the years.

What is the land classification for New Colony 2nd Street?

New Colony 2nd Street is classified as Residential Class III Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in New Colony 2nd Street?

For a 1,000 sq.ft property, the stamp duty would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000 based on the current guideline value.

Where is the Sub Registrar Office for New Colony 2nd Street located?

The Sub Registrar Office covering New Colony 2nd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.