Guideline Value for New Colony 2nd Street Extension

New Colony 2nd Street Extension guideline value

The current guideline value of New Colony 2nd Street Extension is Rs 3,900 per sq.ft, effective from 1 July 2024. This area is located in Adambakkam village and falls under the Alandur SRO. The land classification for this street is Residential Class I Type - III.

How the guideline value of New Colony 2nd Street Extension has changed

The guideline value has undergone several revisions since 2002. The earliest recorded figure is from 2002, where the guideline value was Rs 291 per sq.ft. This increased to Rs 332 per sq.ft in 2003, marking a change of +14%. The value then saw a significant rise to Rs 900 per sq.ft in 2007, which is an increase of +171%. Following this, the guideline value jumped to Rs 3,500 per sq.ft in 2012, reflecting a substantial increase of +289%. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, a decline of -33%. In 2023, the guideline value was revised to Rs 3,500 per sq.ft, and it then increased to Rs 3,900 per sq.ft in 2024, which is an increase of +11%.

Overall, from 2002 to 2024, the guideline value has increased by +1240%. There are no figures available for revisions in years other than those listed 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 for these streets is Rs 3,900 per sq.ft, which is equal to the guideline value of New Colony 2nd Street Extension.

• New Colony 1st Street: Rs 3,900 per sq.ft (2024)
• New Colony 2nd Lane: Rs 3,900 per sq.ft (2024)
• New Colony 3rd Street: Rs 3,900 per sq.ft (2024)
• New Colony 4th Street: Rs 3,900 per sq.ft (2024)
• New Colony 5th Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 2nd Street Extension

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to 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, making the total 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony 2nd Street Extension?

The Sub Registrar Office that covers New Colony 2nd Street Extension is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It helps determine the stamp duty and registration fees that need to be paid during the transaction. The higher of the guideline value and the actual sale price will be considered for calculating these fees.

When you register a property, the guideline value ensures that the government receives the appropriate revenue from property transactions. It is essential for both buyers and sellers to be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

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

The current guideline value of New Colony 2nd Street Extension is Rs 3,900 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 291 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of +1240% over the years.

What is the land classification for New Colony 2nd Street Extension?

The land classification for New Colony 2nd Street Extension is Residential Class I Type - III.

Where is the Sub Registrar Office located for this area?

The Sub Registrar Office for New Colony 2nd Street Extension is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, if the guideline value is Rs 39,00,000, the stamp duty at 7% would be Rs 2,73,000.