Guideline Value for New Colony 5th Street

New Colony 5th Street guideline value

The current guideline value of New Colony 5th Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village, under the jurisdiction of the Virugambakkam SRO. The land classification for this area is Residential Class V Type - I.

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. Starting from Rs 81 per sq.ft in 2002, the value increased significantly to Rs 90 per sq.ft in 2003, marking an 11% rise. The value then rose to Rs 300 per sq.ft in 2007, reflecting a substantial increase of 233%. Following this, in 2012, the value was set at Rs 1,500 per sq.ft, showing a remarkable increase of 400% from the previous revision. However, between 2012 and 2017, the value decreased to Rs 1,005 per sq.ft, representing a decline of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, and currently stands at Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,937%. There are no figures available for revisions in years not listed in the register.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with guideline values for 2024 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 5th Street's 2024 figure below this median.

• New Colony 4th 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 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be 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 and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Colony 5th Street?

The Sub Registrar Office that covers New Colony 5th 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 is a crucial factor in the registration of property transactions in Nerkundram. It serves as a benchmark for determining the minimum value at which properties can be registered. When a property is sold, the guideline value helps in calculating the applicable stamp duty and registration fees.

During the registration process, the buyer must ensure that the sale price is at least equal to the guideline value to avoid any legal issues. The registration office uses the guideline value to assess the correct fees, ensuring compliance with local regulations.

Frequently asked questions

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

The current guideline value for New Colony 5th Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has increased from Rs 81 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 1,937%.

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

The land classification for New Colony 5th Street is Residential Class V Type - I, indicating its designation for residential purposes.

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

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total fees amount to Rs 1,48,500.

Which office handles registrations for New Colony 5th Street?

The Virugambakkam Sub Registrar Office handles registrations for New Colony 5th Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.