Guideline Value for New Colony 2nd Street

New Colony 2nd Street guideline value

The current guideline value of New Colony 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Kottivakkam village under the Adayar SRO and is classified as Residential Class V Type - III.

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

The guideline value for New Colony 2nd Street has seen several revisions over the years. In 2002, the guideline value was Rs 412 per sq.ft, which increased to Rs 490 per sq.ft in 2003, marking a 19% rise. The value continued to grow significantly, reaching Rs 1,000 per sq.ft in 2007, a 104% increase from the previous revision. By 2012, the value was Rs 1,500 per sq.ft, reflecting a 50% increase from 2007. However, it dropped to Rs 1,005 per sq.ft in 2017, a decrease of 33%.

In the subsequent revisions, the guideline value rose to Rs 1,500 per sq.ft in 2023, followed by a further increase to Rs 1,700 per sq.ft in 2024, representing a 13% change. Overall, from 2002 to 2024, the guideline value has increased by 313% for New Colony 2nd Street.

Guideline values in Kottivakkam

In Kottivakkam, there are 284 streets under the Adayar SRO that have a 2024 guideline value ranging from Rs 1,700 to Rs 8,500 per sq.ft. The median value among these streets is Rs 3,900 per sq.ft, making the 2024 figure for New Colony 2nd Street below the median.

• New Colony 1st Street: Rs 1,700 per sq.ft (2024)
• New Colony Main Road: Rs 3,900 per sq.ft (2024)
• Nehru Nagar Kamaraj Street: Rs 4,401 per sq.ft (2024)
• Nehru Nagar 1st Main Road: Rs 4,401 per sq.ft (2024)
• Nehru Nagar 11th Link Road: Rs 4,401 per sq.ft (2024)
• Nehru Nagar: Rs 4,401 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, making the total Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony 2nd Street?

The Sub Registrar Office that covers New Colony 2nd Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value is a crucial factor in the property registration process in Kottivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the registration office will charge stamp duty based on the higher of the guideline value or the sale price.

This system ensures that properties are registered at a value that reflects their worth according to government assessments. It is essential for both buyers and sellers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of New Colony 2nd Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 412 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall rise of 313% over this period.

What are the stamp duty and registration fees for properties in New Colony 2nd Street?

The stamp duty is charged at 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would be Rs 1,53,000.

Which office handles property registration for New Colony 2nd Street?

The Adayar Sub Registrar Office handles property registration for New Colony 2nd Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

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

New Colony 2nd Street is classified as Residential Class V Type - III, indicating its use for residential purposes.