Guideline Value for New Colony (30 Feet Road)

New Colony (30 Feet Road) guideline value

The current guideline value for New Colony (30 Feet Road) is Rs 1,900 per sq.ft, effective from 1 July 2024. This area is located in Jampuli village under the Madhavaram SRO and is classified as Residential Class III Type - I.

How the guideline value of New Colony (30 Feet Road) has changed

The guideline value for New Colony (30 Feet Road) has undergone several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which then decreased to Rs 1,206 per sq.ft in the 2017 revision. Following this, the value rose significantly to Rs 1,800 per sq.ft in the 2023 revision, and then to Rs 1,900 per sq.ft in the 2024 revision, marking a 6% increase from the previous year.

In terms of percentage changes, from 2012 to 2017, the value decreased by 33%. However, from 2017 to 2023, it increased by 49%. Overall, from 2012 to 2024, the guideline value has seen a modest increase of 6%.

Guideline values in Jampuli

In Jampuli village, there are 118 streets under the Madhavaram SRO with a 2024 guideline value ranging from Rs 1,700 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,450 per sq.ft, placing New Colony (30 Feet Road) below this median.

• Palaniappa Road: Rs 3,000 per sq.ft (2024)
• Periyar Nagar: Rs 1,700 per sq.ft (2024)
• M.R.L. Colony 3rd Street: Rs 2,200 per sq.ft (2024)
• M.R.L. Colony 2nd Street: Rs 2,200 per sq.ft (2024)
• M.R.L. Colony 1st Street: Rs 2,200 per sq.ft (2024)
• Ponnusamy Nagar: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony (30 Feet Road)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, making the total cost Rs 1,71,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers New Colony (30 Feet Road)?

The Sub Registrar Office that covers New Colony (30 Feet Road) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Jampuli, as it determines the minimum value at which property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

During the registration process, the guideline value is used to calculate applicable fees, such as stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value for New Colony (30 Feet Road)?

The current guideline value for New Colony (30 Feet Road) is Rs 1,900 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 increase being from Rs 1,800 per sq.ft in 2023 to Rs 1,900 per sq.ft in 2024, a rise of 6%.

What is the land classification for New Colony (30 Feet Road)?

New Colony (30 Feet Road) is classified as Residential Class III Type - I under the Madhavaram SRO.

Where can I find the Sub Registrar Office for New Colony (30 Feet Road)?

The Sub Registrar Office for New Colony (30 Feet Road) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in New Colony (30 Feet Road)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would amount to Rs 1,33,000.