Guideline Value for New Colony 1st Lane

New Colony 1st Lane guideline value

The current guideline value of New Colony 1st Lane in Adambakkam village is Rs 3,900 per sq.ft, effective from 1 July 2024. This street falls under the Alandur SRO and is classified as Residential Class I Type - III.

How the guideline value of New Colony 1st Lane has changed

The guideline value for New Colony 1st Lane has seen several revisions over the years. The earliest recorded figure in the register is from 2002, which was Rs 290 per sq.ft. This increased to Rs 331 per sq.ft in 2003, marking a change of +14%. The value saw a significant rise to Rs 1,800 per sq.ft in 2007, representing an increase of +444%. In 2012, the value was Rs 3,500 per sq.ft, showing a growth of +94% from the previous revision. However, it dropped to Rs 2,345 per sq.ft in 2017, reflecting a decrease of -33%.

In the subsequent revisions, the guideline value increased to Rs 3,500 per sq.ft in 2023, which was a rise of +49%. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft, an increase of +11% from the previous year. There are no figures available for the years not mentioned in this register for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is equal to the current guideline value of New Colony 1st Lane.

• New Colony 1st Street: Rs 3,900 per sq.ft (2024)
• New Colony 11th Street: Rs 3,900 per sq.ft (2024)
• New Colony 10th Street: Rs 3,900 per sq.ft (2024)
• New Colony 2nd Lane: Rs 3,900 per sq.ft (2024)
• New Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• New Colony 2nd Street Extension: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers New Colony 1st Lane?

The Sub Registrar Office that covers New Colony 1st Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more details.

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

The guideline value is essential when registering property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the government receives the appropriate stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is crucial to be aware of the current guideline value to avoid any discrepancies during the registration process. This value is regularly updated, and potential buyers and sellers should consult the latest figures to ensure compliance with legal requirements.

Frequently asked questions

What is the current guideline value of New Colony 1st Lane?

The current guideline value of New Colony 1st Lane is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 290 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024. The most significant increase was from 2002 to 2007, with a rise of +444%.

What is the registration fee for property in New Colony 1st Lane?

The registration fee for property in New Colony 1st Lane is calculated at 2% of the guideline value or sale price. For a plot valued at Rs 39,00,000, the registration fee would be Rs 78,000.

Where is the Sub Registrar Office located for New Colony 1st Lane?

The Sub Registrar Office for New Colony 1st Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including location and land classification. It is updated periodically to reflect changes in the real estate market.