Guideline Value

Corporate

Guideline Value for New Colony 3rd Street

₹4400/sq.ft.

The guideline value for New Colony 3rd 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 ₹1500 /sq.ft.
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 3rd Street

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New Colony 3rd Street guideline value

The current guideline value of New Colony 3rd 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 is classified as Residential Class II Type - II.

How the guideline value of New Colony 3rd Street has changed

The guideline value for New Colony 3rd Street has seen several revisions over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 308 per sq.ft. This value increased to Rs 346 per sq.ft in 2003, marking a rise of 12%. Following that, the value surged significantly to Rs 1,500 per sq.ft in 2007, reflecting a 334% increase. The next revision in 2012 saw a decrease to Rs 4,000 per sq.ft, a drop of 33%. However, this was followed by a substantial increase to Rs 2,680 per sq.ft in 2017, which represented a 49% rise. The guideline value then increased to Rs 4,000 per sq.ft in 2023, and most recently, it rose to Rs 4,400 per sq.ft in 2024, a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1329%, showcasing significant changes over the years. There are no revisions with figures missing for this street.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is the same as the guideline value for New Colony 3rd Street.

Stamp duty and registration fee for property in New Colony 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value would be Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. 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 further assistance.

Which Sub Registrar Office covers New Colony 3rd Street?

The Sub Registrar Office that covers New Colony 3rd 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 is a critical factor when registering property transactions in Velachery. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than negotiated sale prices.

When buying or selling property, it is essential to consider the guideline value as it directly influences the overall cost of the transaction. Buyers should be aware that the stamp duty and registration fees will be calculated based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of New Colony 3rd Street?

The current guideline value of New Colony 3rd 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, representing an overall increase of 1329% over the years.

What are the stamp duty and registration fees for property in New Colony 3rd Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,96,000, based on the current rates.

Which Sub Registrar Office covers New Colony 3rd Street?

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

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to understand that these costs are based on the higher of the guideline value or the sale price.