Guideline Value for New Colony 1st Street

New Colony 1st Street guideline value

The current guideline value of New Colony 1st Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO, and is classified as Residential Class V Type - I.

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 81 per sq.ft, which increased to Rs 90 per sq.ft in 2003. Following this, the value surged to Rs 300 per sq.ft in 2007, marking a significant increase of 233%. The 2012 revision saw the value rise to Rs 1,500 per sq.ft, a remarkable increase of 400% from the previous revision. However, in 2017, the value dropped to Rs 1,005 per sq.ft, reflecting a decrease of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, before reaching the current value of Rs 1,650 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,937%. It is important to note that the register has no figures for the years between 2012 and 2017 for this street.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 6,600 per sq.ft, with a median value of Rs 2,200 per sq.ft. New Colony 1st Street's 2024 guideline value is below this median.

• New Colony 2nd Street: Rs 1,650 per sq.ft (2024)
• New Colony 3rd Street: Rs 1,650 per sq.ft (2024)
• New Colony 4th Street: Rs 1,650 per sq.ft (2024)
• New Colony 5th Street: Rs 1,650 per sq.ft (2024)
• NETHAJI AVENUE Main Road: Rs 3,050 per sq.ft (2024)
• NETHAJI AVENUE EXN. - Tiruvalluvar Street: Rs 2,750 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 rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the 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 Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value helps in calculating the stamp duty and registration fees that are payable. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

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 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 81 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1,937% over the years.

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

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,48,500, based on the current guideline value of Rs 16,50,000.

Which Sub Registrar Office covers New Colony 1st Street?

The Virugambakkam Sub Registrar Office covers New Colony 1st Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

New Colony 1st Street is classified as Residential Class V Type - I, indicating its designation for residential purposes.