Guideline Value for New Colony 4th Street

New Colony 4th Street guideline value

The current guideline value of New Colony 4th Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO, classified as Residential Class V Type - I.

How the guideline value of New Colony 4th Street has changed

The guideline value for New Colony 4th 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, marking an 11% rise. The following significant jump occurred in 2007, where the value surged to Rs 300 per sq.ft, reflecting a 233% increase. By 2012, the value remained at Rs 1,500 per sq.ft, which was a notable decrease of 400% from the previous revision.

From 2012 to 2017, the guideline value dropped to Rs 1,005 per sq.ft, a decline of 33%. However, between 2017 and 2023, it increased significantly to Rs 1,500 per sq.ft, showing a rise of 49%. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

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 for these streets is Rs 2,200 per sq.ft, placing New Colony 4th Street's 2024 figure below that median.

• New Colony 5th Street: Rs 1,650 per sq.ft (2024)
• New Colony 3rd 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 4th Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the 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, totaling Rs 1,48,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony 4th Street?

The Sub Registrar Office covering New Colony 4th 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nerkundram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the duties and fees. This ensures that the registration process reflects the appropriate value of the property being transferred.

Frequently asked questions

What is the current guideline value of New Colony 4th Street?

The current guideline value of New Colony 4th 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, reflecting an overall increase of 1937% over the years.

What is the land classification for New Colony 4th Street?

New Colony 4th Street is classified as Residential Class V Type - I, indicating its designation for residential use.

What are the stamp duty and registration fees for property in New Colony 4th Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Where is the Sub Registrar Office for New Colony 4th Street located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037, covering New Colony 4th Street.