Guideline Value for New Colony 21st Cross Street

New Colony 21st Cross Street guideline value

The current guideline value of New Colony 21st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Mixed Type - I.

How the guideline value of New Colony 21st Cross Street has changed

The guideline value for New Colony 21st Cross Street has undergone several revisions over the years. The earliest recorded figure is from 2003, at Rs 827 per sq.ft. This increased to Rs 1,000 per sq.ft in 2007, marking a 21% rise. The value then saw a significant jump to Rs 3,500 per sq.ft in 2012, which was a 250% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, reflecting a decline of 33%. The value rose again to Rs 3,750 per sq.ft in 2023, a 60% increase, and has now reached Rs 3,850 per sq.ft in 2024, a 3% increase.

It is important to note that there is no recorded figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 366%.

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, with a median value of Rs 3,300 per sq.ft. The guideline value for New Colony 21st Cross Street is above this median.

• New Colony 20th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 1st Main Road: Rs 4,400 per sq.ft (2024)
• New Colony 2nd Main Road: Rs 4,400 per sq.ft (2024)
• New Colony 1st Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 3rd Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 21st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, leading to a total of Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers New Colony 21st Cross Street?

The Sub Registrar Office that covers New Colony 21st 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 information.

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 minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential to consider this value alongside the sale price to ensure compliance with legal requirements during registration.

Frequently asked questions

What is the current guideline value of New Colony 21st Cross Street?

The current guideline value of New Colony 21st Cross Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 827 per sq.ft in 2003 to Rs 3,850 per sq.ft in 2024, reflecting an overall increase of 366%.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 38,50,000, the total fees would be Rs 3,46,500.

Which office handles property registrations for New Colony 21st Cross Street?

The Pallavaram Sub Registrar Office handles property registrations for New Colony 21st Cross Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.

What is the land classification for New Colony 21st Cross Street?

The land classification for New Colony 21st Cross Street is Mixed Type - I, indicating a blend of residential and commercial uses.