Guideline Value for New Colony 5th Street

New Colony 5th Street guideline value

The current guideline value of New Colony 5th Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - III.

How the guideline value of New Colony 5th Street has changed

The guideline value for New Colony 5th Street has seen several revisions over the years. In 2002, the value was Rs 291 per sq.ft, which increased to Rs 332 per sq.ft in 2003, marking a 14% rise. The value then experienced a significant increase to Rs 1,000 per sq.ft in 2007, reflecting a 201% change. Following this, the value rose dramatically to Rs 3,500 per sq.ft in 2012, representing a 250% increase. However, it decreased to Rs 2,345 per sq.ft in 2017, showing a decline of 33%. The value then increased to Rs 3,500 per sq.ft in 2023, and finally to Rs 3,900 per sq.ft in 2024, which is an 11% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1240%. The register has no figures for the years not mentioned in this article.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which is the same as the 2024 figure for New Colony 5th Street.

• New Colony 6th Street: Rs 3,900 per sq.ft (2024)
• New Colony 4th Street: Rs 3,900 per sq.ft (2024)
• New Colony 7th Street: Rs 3,900 per sq.ft (2024)
• New Colony 8th Street: Rs 3,900 per sq.ft (2024)
• New Colony 8th Street Extension: Rs 3,900 per sq.ft (2024)
• New Colony 9th Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 5th Street

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. 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 further assistance.

Which Sub Registrar Office covers New Colony 5th Street?

The Sub Registrar Office that covers New Colony 5th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is an essential factor during the registration of property transactions in Adambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value helps ensure that the transaction is recorded at a fair value, which reflects the current market conditions. Buyers and sellers should be aware of the guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of New Colony 5th Street?

The current guideline value of New Colony 5th Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, increasing from Rs 291 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, marking an overall increase of 1240% over this period.

What is the land classification for New Colony 5th Street?

New Colony 5th Street is classified as Residential Class I Type - III under the Alandur SRO.

What are the stamp duty and registration fees for New Colony 5th Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 3,51,000, based on the current rates.

Where is the Sub Registrar Office for New Colony 5th Street located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.