Guideline Value for New Colony 1st Street

New Colony 1st Street guideline value

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

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

The guideline value for New Colony 1st Street has seen several revisions over the years. In 2002, the value was Rs 444 per sq.ft, which increased to Rs 506 per sq.ft in 2003, marking a change of +14%. The value then rose significantly to Rs 1,800 per sq.ft in 2007, reflecting a substantial increase of +256%. Following this, the 2012 revision saw the value at Rs 3,500 per sq.ft, which was a decrease of -33% from the previous year. In 2017, the value was again revised to Rs 2,345 per sq.ft, which represented a decline of -33% from the 2012 figure. However, the value rebounded to Rs 3,500 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,900 per sq.ft, an increase of +11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +778%. There are no figures available for the revisions in the years not mentioned in the register for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO, with guideline values ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, making the current guideline value for New Colony 1st Street equal to the median.

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

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 cost for these fees to Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony 1st Street?

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It determines the minimum value at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value serves as a benchmark to ensure that the transaction is recorded at a fair value. This helps maintain transparency in property transactions and ensures compliance with local regulations.

Frequently asked questions

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

The current guideline value of New Colony 1st Street 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 from Rs 444 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing an overall increase of +778% over the years.

What are the stamp duty and registration fees for properties in New Colony 1st Street?

For a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which Sub Registrar Office covers New Colony 1st Street?

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

What is the land classification of New Colony 1st Street?

New Colony 1st Street is classified as Residential Class I Type - III, indicating its suitability for residential development.