Guideline Value for New Colony 3rd Street

New Colony 3rd Street guideline value

The current guideline value of New Colony 3rd Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the Virugambakkam SRO, and is classified as Residential Class V Type - I.

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. In 2002, the value was Rs 81 per sq.ft, which increased to Rs 90 per sq.ft in 2003. The value then rose significantly to Rs 300 per sq.ft in 2007, marking a 233% increase. By 2012, the value was revised to Rs 1,500 per sq.ft, reflecting a substantial 400% increase from the previous revision. However, this was followed by a decrease to Rs 1,005 per sq.ft in 2017, which represented a 33% drop. The value then increased to Rs 1,500 per sq.ft in 2023, and finally to the current rate of Rs 1,650 per sq.ft in 2024, marking a 10% increase.

Overall, from the initial figure in 2002 to the current guideline value in 2024, there has been an impressive increase of 1,937%. The register has no figure for the years not mentioned in this summary.

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 as of 2024. The median guideline value for these streets is Rs 2,200 per sq.ft, positioning New Colony 3rd Street's 2024 figure below this median.

• New Colony 4th Street: Rs 1,650 per sq.ft (2024)
• New Colony 5th Street: Rs 1,650 per sq.ft (2024)
• New Colony 2nd Street: Rs 1,650 per sq.ft (2024)
• New Colony 1st 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 3rd 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, while the registration fee at 2% would be Rs 33,000, bringing the total to 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.

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

Which Sub Registrar Office covers New Colony 3rd Street?

The Sub Registrar Office covering New Colony 3rd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Nerkundram. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the registration process. The value is set by the Registration Department and is regularly updated to reflect market conditions.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the costs associated with the transaction. Buyers should ensure that they are informed about the guideline value to avoid any surprises during the registration process.

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 81 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, showing a significant increase over the years with various revisions in between.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 16,50,000. The stamp duty at 7% is Rs 1,15,500, and the registration fee at 2% is Rs 33,000, totaling Rs 1,48,500.

Which Sub Registrar Office covers New Colony 3rd Street?

The Virugambakkam Sub Registrar Office covers New Colony 3rd Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the land classification for New Colony 3rd Street?

New Colony 3rd Street is classified as Residential Class V Type - I, indicating its designation for residential use within the area.