Guideline Value for New Colony 2nd Street

New Colony 2nd Street guideline value

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

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 2007, the guideline value was Rs 900 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in 2012. However, it then decreased to Rs 1,675 per sq.ft in 2017. Following this, the value rose to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,800 per sq.ft as of the 2024 revision. The changes between these revisions include a 178% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 12% increase from 2023 to 2024.

It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Palavanthangal

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

• New Colony 2nd Lane: Rs 2,800 per sq.ft (2024)
• New Colony 3rd Lane: 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 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 Street

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to 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 or the sale price.

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

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 more details.

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

The guideline value is a crucial factor in property transactions in Palavanthangal. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the transaction is recorded accurately in accordance with the prevailing guidelines.

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 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 900 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 211% over this period.

What is the median guideline value in Palavanthangal?

The median guideline value for streets in Palavanthangal is Rs 3,900 per sq.ft, with New Colony 2nd Street's value being below this median.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same amount.

Where is the Sub Registrar Office for New Colony 2nd Street located?

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