Guideline Value for New Colony Extension

New Colony Extension guideline value

The current guideline value of New Colony Extension in Adambakkam village is Rs 3,900 per sq.ft, effective from 1 July 2024. This area falls under the Alandur SRO and is classified as Residential Class I Type - III.

How the guideline value of New Colony Extension has changed

The guideline value for New Colony Extension has seen several revisions over the years. In 2002, the guideline value was Rs 290 per sq.ft, which increased to Rs 331 per sq.ft in 2003. The value then rose significantly to Rs 900 per sq.ft in 2007, followed by a substantial jump to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023, and the most recent revision in 2024 set the guideline value at Rs 3,900 per sq.ft.

Between the revisions, the changes were notable. From 2002 to 2024, the overall increase was +1245%. The most significant jump occurred from 2007 to 2012, with an increase of +289%. In contrast, there was a decrease of -33% from 2012 to 2017. The transition from 2023 to 2024 marked an increase of +11%, while the increase from 2017 to 2023 was +49%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have a guideline value for 2024 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 Extension.

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

Stamp duty and registration fee for property in New Colony 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, bringing the total to Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers New Colony Extension?

The New Colony Extension area is covered by 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

When buying or selling property in Adambakkam, the guideline value plays a crucial role in determining the registration fees and stamp duty. The guideline value is used to calculate these fees, ensuring that both parties are aware of the official valuation set by the government.

It is essential to understand that the guideline value is not the same as the market price, but it serves as a benchmark for registration purposes. Buyers and sellers should be aware of the current guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of New Colony Extension?

The current guideline value of New Colony 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 290 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of +1245% over the years.

What are the other streets in Adambakkam with the same guideline value?

Other streets in Adambakkam with a guideline value of Rs 3,900 per sq.ft include New Colony 9th Street, New Colony 8th Street Extension, New Colony 8th Street, New Colony 7th Street, New Colony Ist Street Extension, and New Colony 6th Street.

What fees are associated with buying property in New Colony Extension?

When buying property, the stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 3,51,000.

Where can I find the Sub Registrar Office for New Colony Extension?

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