Guideline Value for New Colony 2nd Lane

New Colony 2nd Lane guideline value

The current guideline value of New Colony 2nd Lane is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - III.

How the guideline value of New Colony 2nd Lane has changed

The guideline value for New Colony 2nd Lane has undergone several revisions over the years. In 2002, the value was Rs 290 per sq.ft, which increased to Rs 331 per sq.ft in 2003, marking a 14% rise. The value saw a significant jump to Rs 900 per sq.ft in 2007, representing a 172% increase. Following this, the value rose dramatically to Rs 3,500 per sq.ft in 2012, reflecting a 289% increase. However, the value decreased to Rs 2,345 per sq.ft in 2017, a decline of 33%. The guideline value then rose to Rs 3,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 3,900 per sq.ft, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1245%. The register has no figures for the years not mentioned in the revisions above.

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 is Rs 3,900 per sq.ft, which is the same as the 2024 guideline value for New Colony 2nd Lane.

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

Stamp duty and registration fee for property in New Colony 2nd 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 cost to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Colony 2nd Lane?

The New Colony 2nd Lane is covered by 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 a crucial factor in property transactions in Adambakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property. The guideline value serves as a benchmark for the minimum value at which a property can be registered.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Colony 2nd Lane?

The current guideline value of New Colony 2nd Lane is Rs 3,900 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed from Rs 290 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1245% over this period.

What are the stamp duty rates for property in New Colony 2nd Lane?

The stamp duty rate for property in New Colony 2nd Lane is 7% of the guideline value or the sale price, whichever is higher.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the other streets in Adambakkam with the same guideline value?

Other streets in Adambakkam with the same guideline value of Rs 3,900 per sq.ft include New Colony 1st Street, New Colony 2nd Street, New Colony 2nd Street Extension, New Colony 1st Lane, New Colony 3rd Street, and New Colony 11th Street.