Guideline Value for New Colony 7th Street

New Colony 7th Street guideline value

The current guideline value of New Colony 7th 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 7th Street has changed

The guideline value for New Colony 7th Street has seen several revisions over the years. In 2002, the guideline value was Rs 291 per sq.ft, which increased to Rs 332 per sq.ft in 2003. Following this, there was a significant rise to Rs 900 per sq.ft in 2007, and then it jumped to Rs 3,500 per sq.ft in 2012. However, in 2017, it decreased to Rs 2,345 per sq.ft. The value then increased again to Rs 3,500 per sq.ft in 2023, and finally, the current rate is Rs 3,900 per sq.ft from the 2024 revision.

From 2017 to 2023, the guideline value rose by 49%, while the jump from 2023 to 2024 is an 11% increase. The most notable change occurred between 2007 and 2012, where the value decreased by 33%. Overall, from 2002 to 2024, the guideline value has increased by 1,240%.

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 equal to the 2024 guideline value for New Colony 7th Street.

• New Colony 6th 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)
• New Colony 5th 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 7th 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, making the total Rs 3,51,000. It is important to note that 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 information.

Which Sub Registrar Office covers New Colony 7th Street?

The Sub Registrar Office that covers New Colony 7th 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 further assistance.

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

The guideline value plays a crucial role in the registration of property transactions in Adambakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to assess the transaction's value for taxation purposes. This ensures that the appropriate fees are collected based on the established guideline value, which reflects the prevailing rates in the area.

Frequently asked questions

What is the current guideline value of New Colony 7th Street?

The current guideline value of New Colony 7th 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 from Rs 291 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, showing an overall increase of 1,240% over this period.

What is the stamp duty rate for properties in New Colony 7th Street?

The stamp duty rate for properties in New Colony 7th Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for New Colony 7th Street located?

The Sub Registrar Office for New Colony 7th Street is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the median guideline value for streets in Adambakkam?

The median guideline value for streets in Adambakkam is Rs 3,900 per sq.ft, which is the same as the 2024 guideline value for New Colony 7th Street.