Guideline Value for New Colony (V.O.C.)

New Colony (V.O.C.) guideline value

The current guideline value for New Colony (V.O.C.) is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Ayanavaram village, under the AnnaNagar SRO, and is classified as Residential Class II Type - I.

How the guideline value of New Colony (V.O.C.) has changed

The guideline value for New Colony (V.O.C.) has seen several revisions over the years. In 2002, the value was Rs 636 per sq.ft, which increased to Rs 774 per sq.ft in 2003, marking a rise of 22%. The value further increased significantly to Rs 1,200 per sq.ft in 2007, reflecting a 55% change. By 2012, the guideline value reached Rs 5,000 per sq.ft, showing a substantial increase of 317% from the previous revision.

In 2023, the guideline value remained at Rs 5,000 per sq.ft. However, in the 2024 revision, it decreased to Rs 4,400 per sq.ft, representing a decline of 12%. It is worth noting that there is no figure available for the year 2017 in the register for this street.

Guideline values in Ayanavaram

Ayanavaram village has a total of 369 streets under the AnnaNagar SRO, with guideline values for 2024 ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median value for these streets is Rs 4,900 per sq.ft, placing New Colony (V.O.C.) below this median.

• New Colony (V.O.C.)Ist Street: Rs 4,400 per sq.ft (2024)
• New Mandapam Road: Rs 4,400 per sq.ft (2024)
• New Avadi Road(Highways Road) (Gandhi Nagar): Rs 4,400 per sq.ft (2024)
• Netta Muthialkhan Street & Lane: Rs 4,400 per sq.ft (2024)
• New Street: Rs 4,400 per sq.ft (2024)
• New Street 2nd Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony (V.O.C.)

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

Which Sub Registrar Office covers New Colony (V.O.C.)?

The Sub Registrar Office that covers New Colony (V.O.C.) is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Ayanavaram, as it determines the amount of stamp duty and registration fees that must be paid. When a property is bought or sold, the guideline value is assessed, and the applicable duties are calculated based on this value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value for New Colony (V.O.C.)?

The current guideline value for New Colony (V.O.C.) 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 636 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 592% over the years.

What is the median guideline value for streets in Ayanavaram?

The median guideline value for streets in Ayanavaram is Rs 4,900 per sq.ft, with New Colony (V.O.C.) being below this median.

What are the stamp duty rates for property in New Colony (V.O.C.)?

The stamp duty rate for property in New Colony (V.O.C.) is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for New Colony (V.O.C.)?

The Sub Registrar Office for New Colony (V.O.C.) is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.