Guideline Value for New Colony 16th Cross Street

New Colony 16th Cross Street guideline value

The current guideline value of New Colony 16th 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. The land classification for this area is Commercial Class I Type - III.

How the guideline value of New Colony 16th Cross Street has changed

The guideline value for New Colony 16th Cross Street has seen several revisions over the years. Starting from the 2003 revision, the value was Rs 827 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a 21% rise. By 2012, the value reached Rs 4,000 per sq.ft, reflecting a significant increase of 300%. However, the 2017 revision saw a decrease to Rs 2,680 per sq.ft, a drop of 33%. The latest revision in 2024 brought the value back up to Rs 4,400 per sq.ft, representing a 64% increase from 2017.

Overall, from the 2003 revision to the 2024 revision, there has been an increase of 432% in the guideline value for New Colony 16th Cross Street. It is important to note that the register has no figures for the years 2023 and 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, indicating that New Colony 16th Cross Street's 2024 figure is above that median.

• New Colony 15th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 17th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 14th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 18th Cross Street: Rs 3,850 per sq.ft (2024)
• New Colony 13th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 19th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 16th 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 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. It is important to note that the 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 more information.

Which Sub Registrar Office covers New Colony 16th Cross Street?

The Sub Registrar Office that covers New Colony 16th 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 details.

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

The guideline value is a crucial factor in the registration of property transactions in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the buying or selling process. Buyers should be aware that the guideline value may influence the overall costs associated with property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher value is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value of New Colony 16th Cross Street?

The current guideline value of New Colony 16th 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 from Rs 827 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 432%.

What is the land classification for New Colony 16th Cross Street?

The land classification for New Colony 16th Cross Street is Commercial Class I Type - III.

What are the stamp duty and registration fees for a property in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles registrations for New Colony 16th Cross Street?

The Pallavaram Sub Registrar Office handles registrations for New Colony 16th Cross Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.