Guideline Value for New Colony 8th Street

New Colony 8th Street guideline value

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

The guideline value for New Colony 8th Street has seen several revisions over the years. In 2002, the guideline value was Rs 291 per sq.ft. This increased to Rs 332 per sq.ft in 2003, marking a 14% increase. The value then rose significantly to Rs 900 per sq.ft in 2007, which was a 171% increase. By 2012, it was recorded at Rs 3,500 per sq.ft, reflecting a substantial increase of 289%. However, in 2017, the value decreased to Rs 2,345 per sq.ft, a decline of 33%. The guideline value then saw a rise to Rs 3,500 per sq.ft in 2023, and the most recent revision in 2024 set it at Rs 3,900 per sq.ft, which is an 11% increase from the previous year.

There are no figures available for the years between the revisions mentioned. 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 for these streets is Rs 3,900 per sq.ft, which is the same as the guideline value for New Colony 8th Street.

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

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total 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, totaling 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. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers New Colony 8th Street?

The Sub Registrar Office that covers New Colony 8th 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 plays a crucial role in property transactions in Adambakkam. It is used as a basis for calculating the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When registering a property, the guideline value is compared with the sale price. The higher of the two values is considered for calculating the applicable duties and fees. This means that understanding the guideline value is essential for both buyers and sellers to avoid any discrepancies during the registration process.

Frequently asked questions

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

The current guideline value of New Colony 8th 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, representing an overall increase of 1,240% over this period.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 39,00,000. The stamp duty would be Rs 2,73,000, and the registration fee would be Rs 78,000, totaling Rs 3,51,000.

Which Sub Registrar Office covers New Colony 8th Street?

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

What is the land classification for New Colony 8th Street?

The land classification for New Colony 8th Street is Residential Class I Type - III.