Guideline Value for New Colony 2nd Street

New Colony 2nd Street guideline value

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

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

The guideline value for New Colony 2nd Street has seen significant changes over the years. In 2002, the value was Rs 291 per sq.ft, which increased to Rs 332 per sq.ft in 2003, marking a 14% rise. The value continued to climb, reaching Rs 900 per sq.ft in 2007, a substantial increase of 171%. By 2012, the value was Rs 3,500 per sq.ft, reflecting a remarkable 289% increase from the previous revision. However, this figure dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%.

In the following revisions, the guideline value rose to Rs 3,500 per sq.ft in 2023, an increase of 49%. 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. The register has no figure for this street for the years not mentioned.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a guideline value for 2024, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,900 per sq.ft, which is the same as the current value for New Colony 2nd Street.

• New Colony 2nd Lane: Rs 3,900 per sq.ft (2024)
• New Colony 2nd Street Extension: Rs 3,900 per sq.ft (2024)
• New Colony 1st Street: Rs 3,900 per sq.ft (2024)
• New Colony 3rd Street: Rs 3,900 per sq.ft (2024)
• New Colony 1st Lane: Rs 3,900 per sq.ft (2024)
• New Colony 4th Street: Rs 3,900 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 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 amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees to Rs 3,51,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the 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 Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for additional information.

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

The guideline value is a crucial factor during the registration of property transactions in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is bought or sold, the guideline value is used to calculate the stamp duty, which is a mandatory cost incurred during the registration process. It is essential for both parties to be aware of the guideline value to avoid any discrepancies in the transaction.

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 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 this period.

What is the stamp duty for property in New Colony 2nd Street?

The stamp duty for property in New Colony 2nd Street 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 that share the same guideline value of Rs 3,900 per sq.ft include New Colony 2nd Lane, New Colony 2nd Street Extension, New Colony 1st Street, New Colony 3rd Street, New Colony 1st Lane, and New Colony 4th Street.