Guideline Value for New Colony 8th Cross Street

New Colony 8th Cross Street guideline value

The current guideline value of New Colony 8th Cross Street is Rs 4,400 per sq.ft. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Commercial Class I Type - III.

How the guideline value of New Colony 8th Cross Street has changed

The guideline value for New Colony 8th Cross Street has seen several revisions over the years. In 2003, the value was Rs 827 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a 21% rise. The value then jumped significantly to Rs 4,000 per sq.ft in 2012, reflecting a 300% increase. However, in 2017, the value decreased to Rs 2,680 per sq.ft, a drop of 33%. The guideline value rose again to Rs 4,000 per sq.ft in 2023, and it has now reached Rs 4,400 per sq.ft in the 2024 revision, representing a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 432%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. The guideline value of New Colony 8th Cross Street is above this median.

• New Colony 8th Cross St Extn: Rs 3,850 per sq.ft (2024)
• New Colony 9th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 7th Main Road 1 To 4 Streets: Rs 4,400 per sq.ft (2024)
• New Colony 7th Main Road: Rs 4,400 per sq.ft (2024)
• New Colony G.S.T.Road (Part): Rs 8,800 per sq.ft (2024)
• New Colony 7th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 8th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 more details.

Which Sub Registrar Office covers New Colony 8th Cross Street?

The Sub Registrar Office that covers New Colony 8th Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration of property transactions in Zaminpallavaram. When buying or selling property, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

It is essential for buyers and sellers to be aware of the current guideline value, as it can affect the total cost of the transaction. The guideline value serves as a benchmark for property transactions and is updated periodically to reflect changes in the market.

Frequently asked questions

What is the current guideline value of New Colony 8th Cross Street?

The current guideline value of New Colony 8th Cross Street is Rs 4,400 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 827 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 432% over the years.

What is the classification of New Colony 8th Cross Street?

New Colony 8th Cross Street is classified as Commercial Class I Type - III, indicating its commercial usage potential.

Where can I find the Sub Registrar Office for New Colony 8th Cross Street?

The Sub Registrar Office for New Colony 8th Cross Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is stamp duty calculated for property transactions in New Colony 8th Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.