Guideline Value for New Colony 2nd street

New Colony 2nd street guideline value

The current guideline value of New Colony 2nd street is Rs 8,300 per sq.ft, effective from 1 July 2024. This street is located in Egmore village under the Periamet SRO, classified as Residential Class I Type - III.

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

The guideline value for New Colony 2nd street has undergone several revisions over the years. In the 2007 revision, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 7,600 per sq.ft in 2012, marking a 322% rise. However, from 2012 to 2017, the value decreased to Rs 5,092 per sq.ft, reflecting a 33% drop.

From 2017 to 2023, the guideline value surged to Rs 7,600 per sq.ft, a substantial increase of 49%. The most recent revision in 2024 set the guideline value at Rs 8,300 per sq.ft, representing a 9% increase from the previous year. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft, with a median of Rs 7,100 per sq.ft. The guideline value of New Colony 2nd street is above this median.

• New colony 1st street: Rs 8,300 per sq.ft (2024)
• New colony 3rd street: Rs 8,300 per sq.ft (2024)
• New Colony: Rs 8,300 per sq.ft (2024)
• New Avadi Salai: Rs 13,500 per sq.ft (2024)
• New Mandapam Road: Rs 3,900 per sq.ft (2024)
• Nehru Park: Rs 2,800 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 8,300 per sq.ft, the total guideline value would be Rs 83,00,000. The stamp duty at 7% would be Rs 5,81,000, and the registration fee at 2% would be Rs 1,66,000, bringing the total to Rs 7,47,000. 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 covering New Colony 2nd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Egmore. It determines the minimum value at which properties can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for calculating taxes and fees. Buyers and sellers should be aware of the current guideline value to ensure compliance with registration requirements.

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 8,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 8,300 per sq.ft in 2024, reflecting an overall increase of 361% over the years.

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

New Colony 2nd street is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for New Colony 2nd street?

The Sub Registrar Office for New Colony 2nd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in New Colony 2nd street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 83,00,000, the stamp duty would be Rs 5,81,000 at 7%.