Guideline Value for New Colony (Gopal Nagar)

New Colony (Gopal Nagar) guideline value

The current guideline value of New Colony (Gopal Nagar) is Rs 7,700 per sq.ft, effective from 1 July 2024. This area is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of New Colony (Gopal Nagar) has changed

The guideline value for New Colony (Gopal Nagar) has seen several revisions over the years. In 2007, the guideline value was Rs 1,500 per sq.ft, which increased significantly to Rs 7,000 per sq.ft in 2012. However, it dropped to Rs 4,690 per sq.ft in 2017. The 2023 revision set the value at Rs 7,000 per sq.ft, and the most recent revision in 2024 has raised it to Rs 7,700 per sq.ft.

Between the revisions, the changes are notable. From 2007 to 2012, there was an increase of 367%. The value then decreased by 33% from 2012 to 2017. A substantial increase of 49% occurred from 2017 to 2023, and the latest revision from 2023 to 2024 reflects a 10% rise. Overall, from 2007 to 2024, the guideline value has increased by 413%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft, with a median value of Rs 8,800 per sq.ft. New Colony (Gopal Nagar) is below this median value.

• New Street: Rs 7,100 per sq.ft (2024)
• New Tank Street: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy 1st Lane: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy 2nd Lane: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy Street: Rs 7,700 per sq.ft (2024)
• North Mada Street: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony (Gopal Nagar)

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, totaling Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers New Colony (Gopal Nagar)?

The Sub Registrar Office covering New Colony (Gopal Nagar) is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role when buying or selling property in Nungambakkam. It serves as a benchmark for determining the minimum value on which stamp duty and registration fees are calculated. When a property is registered, the guideline value is used to ensure that the taxes are accurately assessed based on the property's worth.

Additionally, the guideline value helps to prevent undervaluation of properties during transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of New Colony (Gopal Nagar)?

The current guideline value of New Colony (Gopal Nagar) is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,500 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 413% over this period.

What are the stamp duty and registration fees for properties in New Colony (Gopal Nagar)?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

Which Sub Registrar Office covers New Colony (Gopal Nagar)?

The Chennai Central Joint II Sub Registrar Office covers New Colony (Gopal Nagar), located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.

What is the land classification for New Colony (Gopal Nagar)?

The land classification for New Colony (Gopal Nagar) is Residential Class I Type - I.