Guideline Value for New Colony 2nd Street

New Colony 2nd Street guideline value

The current guideline value of New Colony 2nd Street, located in Nerkundram village under the Virugambakkam SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class V Type - I 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 81 per sq.ft, which increased to Rs 90 per sq.ft in 2003, marking an 11% rise. By 2007, the value surged to Rs 300 per sq.ft, reflecting a 233% increase. The value then rose dramatically to Rs 1,500 per sq.ft in 2012, a 400% increase from the previous revision. However, it decreased to Rs 1,005 per sq.ft in 2017, showing a decline of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, followed by a further increase to Rs 1,650 per sq.ft in 2024, which is a 10% rise.

Overall, from 2002 to 2024, the guideline value for New Colony 2nd Street has increased by 1,937%. There are no figures available for any other revisions for this street in the register.

Guideline values in Nerkundram

In Nerkundram, there are 476 streets under the Virugambakkam SRO, with guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median value is Rs 2,200 per sq.ft, indicating that New Colony 2nd Street's 2024 figure is below this median.

• New Colony 3rd Street: Rs 1,650 per sq.ft (2024)
• New Colony 1st Street: Rs 1,650 per sq.ft (2024)
• New Colony 4th Street: Rs 1,650 per sq.ft (2024)
• New Colony 5th Street: Rs 1,650 per sq.ft (2024)
• NETHAJI AVENUE Main Road: Rs 3,050 per sq.ft (2024)
• NETHAJI AVENUE EXN. - Tiruvalluvar Street: Rs 2,750 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 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total cost for these fees Rs 1,48,500. 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 detailed calculations.

Which Sub Registrar Office covers New Colony 2nd Street?

The Sub Registrar Office that covers New Colony 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

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 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 81 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, which is an overall increase of 1,937%.

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

For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,48,500, based on the current guideline value.

Which Sub Registrar Office covers New Colony 2nd Street?

The Virugambakkam Sub Registrar Office covers New Colony 2nd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

New Colony 2nd Street falls under the Residential Class V Type - I land classification.