Guideline Value for New Colony 6th Street

New Colony 6th Street guideline value

The current guideline value of New Colony 6th Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village and falls under the Alandur SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of New Colony 6th Street has changed

The guideline value of New Colony 6th Street has seen significant changes over the years. Starting from Rs 291 per sq.ft in 2002, it increased to Rs 332 per sq.ft in 2003, marking a 14% rise. The value then rose to Rs 1,000 per sq.ft in 2007, reflecting a substantial increase of 201%. In 2012, the value was recorded at Rs 3,500 per sq.ft, which was a 250% increase from the previous revision. However, it dropped by 33% to Rs 2,345 per sq.ft in 2017. The next revision in 2023 saw a rise to Rs 3,500 per sq.ft, and the most recent revision in 2024 has set the value at Rs 3,900 per sq.ft, an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by a remarkable 1240%. There are no figures available for the years not mentioned in the register for this street.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is the same as the guideline value for New Colony 6th Street.

• New Colony 7th Street: Rs 3,900 per sq.ft (2024)
• New Colony 8th Street: Rs 3,900 per sq.ft (2024)
• New Colony 5th 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)
• New Colony 4th Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 6th Street

For a 1,000 sq.ft plot at the current rate, 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, bringing the total to Rs 3,51,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony 6th Street?

The Sub Registrar Office that covers New Colony 6th 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 minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the current market. It is crucial to note that the duty is charged on the higher of the guideline value and the sale price, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of New Colony 6th Street?

The current guideline value of New Colony 6th 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 changed significantly, starting from Rs 291 per sq.ft in 2002 and reaching Rs 3,900 per sq.ft in 2024. Notable changes include a drop from Rs 3,500 per sq.ft in 2012 to Rs 2,345 per sq.ft in 2017, followed by an increase to Rs 3,900 per sq.ft in 2024.

What is the land classification for New Colony 6th Street?

The land classification for New Colony 6th Street is Residential Class I Type - III, indicating its designation for residential use.

Where can I find the Sub Registrar Office for New Colony 6th Street?

The Sub Registrar Office for New Colony 6th Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in New Colony 6th Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, 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.