Guideline Value for New Colony 2nd Lane

New Colony 2nd Lane guideline value

The current guideline value for New Colony 2nd Lane in Palavanthangal village is Rs 2,800 per sq.ft, effective from 1 July 2024. This street falls under the Alandur SRO and is classified as Residential Class II Type - II.

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

The guideline value for New Colony 2nd Lane has seen several revisions over the years. The 2007 revision set the value at Rs 750 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, this value decreased by 33% to Rs 1,675 per sq.ft in the 2017 revision. The value then rose to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,800 per sq.ft from the 2024 revision, marking a 12% increase from the previous year.

There are no registered figures for this street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 273%.

Guideline values in Palavanthangal

In Palavanthangal, there are 95 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, making the 2024 figure for New Colony 2nd Lane below that median.

• New Colony 2nd Street: Rs 2,800 per sq.ft (2024)
• New Colony 1st Street: Rs 2,800 per sq.ft (2024)
• New Colony 1st Lane: Rs 2,800 per sq.ft (2024)
• New Colony 3rd Lane: Rs 2,800 per sq.ft (2024)
• New Bharathiyar Street: Rs 3,900 per sq.ft (2024)
• New Bharathiyar 2nd 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 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

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 information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Palavanthangal. It is used to determine the stamp duty and registration fees that must be paid to the government during the transaction.

When a property is sold, the buyer must ensure that the sale price is at least equal to the guideline value. If the sale price is lower than the guideline value, the stamp duty will be calculated based on the guideline value instead.

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 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 750 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 273% over the years.

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 stamp duty and registration fees for New Colony 2nd Lane?

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 28,00,000, with stamp duty at Rs 1,96,000 and registration fee at Rs 56,000, totaling Rs 2,52,000.

What is the significance of guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the fees are based on the higher of the guideline value or the sale price.