Guideline Value for New Colony 1st Street

New Colony 1st Street guideline value

The current guideline value of New Colony 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

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

The guideline value for New Colony 1st Street has seen significant changes over the years. In 2002, the value was Rs 308 per sq.ft, which increased to Rs 350 per sq.ft in 2003. There is no figure available for this street in the 2007 revision. The value then rose to Rs 4,000 per sq.ft in 2012, decreased to Rs 2,680 per sq.ft in 2017, and subsequently increased to Rs 4,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

From 2017 to 2023, the value increased by 49%. The period from 2003 to 2012 saw an increase of 1043%, while the value decreased by 33% between 2012 and 2017. Overall, from 2002 to 2024, the guideline value has increased by 1329%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO carrying a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current value of New Colony 1st Street.

• New Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 2nd Street: Rs 4,400 per sq.ft (2024)
• New Colony: Rs 4,950 per sq.ft (2024)
• New Colony 3rd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 3rd Street: Rs 4,400 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 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, totaling Rs 3,96,000. Please note that the 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 detailed calculations.

Which Sub Registrar Office covers New Colony 1st Street?

The Sub Registrar Office that covers New Colony 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Velachery. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold.

When registering a property, the higher value between the guideline value and the sale price is considered for calculating the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

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 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 308 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, with various increases and decreases across the years.

What is the stamp duty rate for properties in New Colony 1st Street?

The stamp duty rate for properties in New Colony 1st Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for New Colony 1st Street?

The Sub Registrar Office for New Colony 1st Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

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

The land classification for New Colony 1st Street is Residential Class II Type - II.