Guideline Value for New Colony 12th Cross Street

New Colony 12th Cross Street guideline value

The current guideline value of New Colony 12th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village under the Pallavaram SRO, and it is classified as Commercial Class I Type - III.

How the guideline value of New Colony 12th Cross Street has changed

The guideline value for New Colony 12th Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2003, with a guideline value of Rs 827 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, marking a 21% increase. By 2012, the value rose significantly to Rs 4,000 per sq.ft, reflecting a substantial 300% increase from the previous revision. However, in 2017, the guideline value decreased to Rs 2,680 per sq.ft, representing a 33% decline.

As of the 2024 revision, the guideline value stands at Rs 4,400 per sq.ft, which is a 64% increase from the 2017 figure. Overall, from 2003 to 2024, the guideline value has increased by 432%. It is important to note that the register has no figures for the years 2023 and 2002 for this street.

Guideline values in Zaminpallavaram

Zaminpallavaram village has a total of 638 streets under the Pallavaram SRO, with guideline values for 2024 ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing New Colony 12th Cross Street's 2024 figure above this median.

• New Colony 11th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 13th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 10th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 14th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 15th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 16th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 12th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total 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, making the total fees Rs 3,96,000. It is important to note that the stamp 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 more detailed calculations.

Which Sub Registrar Office covers New Colony 12th Cross Street?

The Sub Registrar Office that covers New Colony 12th Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is fairly documented according to government standards.

When buying or selling property, the guideline value is referenced to calculate stamp duty and registration fees, which are mandatory costs associated with the transfer of property ownership. This ensures that all transactions are transparent and comply with the legal requirements set by the Registration Department.

Frequently asked questions

What is the current guideline value of New Colony 12th Cross Street?

The current guideline value of New Colony 12th Cross 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 significantly, starting from Rs 827 per sq.ft in 2003 and reaching Rs 4,400 per sq.ft in 2024, which is an overall increase of 432% over the years.

What is the land classification of New Colony 12th Cross Street?

The land classification of New Colony 12th Cross Street is Commercial Class I Type - III, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for New Colony 12th Cross Street?

The Sub Registrar Office for New Colony 12th Cross Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for property transactions in New Colony 12th Cross Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.