Guideline Value

Corporate

Guideline Value for New Colony 2nd Street

₹4400/sq.ft.

The guideline value for New Colony 2nd Street in Velachery village (Velacheri SRO, Chennai zone) is Rs 4400 per sq.ft, effective 1 July 2024. It was Rs 4000 per sq.ft from 1 April 2023, a 10% change. The land classification is Residential Class Ii Type - Ii. Source: TNReginet guideline value register.

Last updated:

Chennai

Zone

Velachery

Village

Velacheri

SRO

Residential Class II Type - II
History
Period Guideline Value
From 1-7-2024 ₹4400 /sq.ft.
From 1-4-2023 ₹4000 /sq.ft.
From 9-6-2017 To 31-3-2023 ₹2680 /sq.ft.
From 1-4-2012 To 8-6-2017 ₹4000 /sq.ft.
From 1-8-2007 To 31-3-2012 N/A
From 1-4-2003 To 31-7-2007 ₹346 /sq.ft.
From 1-4-2002 To 31-3-2003 ₹308 /sq.ft.
Guideline Value Timeline
Guideline Value Comparison

SRO (Sub Registrar Office)

No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042
044-22553736
[email protected]

DRO (District Registrar Office)

Integrated Building For Offices Of The Commercial Taxes And Registration Department, Fanepet, Nandhanam, Chennai - 35.
044-22505552
[email protected], [email protected]

DIG (Deputy Inspector General)

Integrated Building For Offices Of The Commercial Taxes And Registration, Department Fanepet, Nandanam, Chennai - 600 035.
044-29510527
[email protected]
Records for a plot on New Colony 2nd Street

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New Colony 2nd Street guideline value

The current guideline value of New Colony 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, and it falls under the Residential Class II Type - II land classification.

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 value was Rs 308 per sq.ft, which increased to Rs 346 per sq.ft in 2003. After this, the value experienced a significant rise of 1056% to reach Rs 4,000 per sq.ft in 2012. However, it then dropped by 33% to Rs 2,680 per sq.ft in 2017. The value increased again to Rs 4,000 per sq.ft in 2023, and the most recent revision in 2024 has set it at Rs 4,400 per sq.ft, marking a 10% increase from the previous year. The register has no figure for this street in 2007.

Overall, from 2002 to 2024, the guideline value has increased by 1329%. The changes between the revisions reflect the fluctuations in the guideline value per sq.ft over the years, showcasing a dynamic history of property valuation in this area.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a guideline value for 2024, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, making New Colony 2nd Street's 2024 figure equal to this median.

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 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. 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 Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Velachery. It is used to determine the amount of stamp duty and registration fees payable when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value is compared to the sale price, and the higher of the two is used for calculating the applicable duties. This ensures that the transaction reflects the true value of the property in the eyes of the law.

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 4,400 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 308 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting a total increase of 1329% over this period.

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

The stamp duty rate for properties in New Colony 2nd Street is 7% of the guideline value or the sale price, whichever is higher.

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

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is compared to the sale price, and the higher amount is considered for these calculations.