Guideline Value for New Colony 8th Street Extension

New Colony 8th Street Extension guideline value

The current guideline value of New Colony 8th Street Extension 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 8th Street Extension has changed

The guideline value for New Colony 8th Street Extension has undergone 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, the value saw 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, there was a decrease to Rs 2,345 per sq.ft in 2017. The value increased again to Rs 3,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 3,900 per sq.ft.

Notably, the changes between these revisions include an increase of 11% from 2023 to 2024, a 49% increase from 2017 to 2023, a decrease of 33% from 2012 to 2017, a substantial increase of 289% from 2007 to 2012, a rise of 171% from 2003 to 2007, and a 14% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1240%.

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 guideline value of New Colony 8th Street Extension.

• New Colony 8th Street: Rs 3,900 per sq.ft (2024)
• New Colony 9th Street: Rs 3,900 per sq.ft (2024)
• New Colony 7th Street: Rs 3,900 per sq.ft (2024)
• New Colony 6th Street: Rs 3,900 per sq.ft (2024)
• New Colony 5th Street: Rs 3,900 per sq.ft (2024)
• New Colony Extension: Rs 3,900 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total fees together Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers New Colony 8th Street Extension 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 a crucial factor during the registration process of property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the current guideline value, as it can affect the overall costs associated with the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any complications during registration.

Frequently asked questions

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

The current guideline value of New Colony 8th Street Extension 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, reflecting an overall increase of 1240% over this period.

What are the stamp duty and registration fees for a property in New Colony 8th Street Extension?

For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 2,73,000, and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which office handles property registrations for New Colony 8th Street Extension?

The Alandur Sub Registrar Office handles property registrations for New Colony 8th Street Extension, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the guideline value determined for properties in Adambakkam?

The guideline value for properties in Adambakkam is determined by the Registration Department's guideline value register, which is revised periodically to reflect changes in the real estate market.