Guideline Value for New Colony Extn

New Colony Extn guideline value

The current guideline value of New Colony Extn is Rs 4,400 per sq.ft, effective from 1 July 2024. This area is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of New Colony Extn has changed

The guideline value for New Colony Extn has seen several revisions over the years. The earliest recorded revision in 2007 set the value at Rs 1,500 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in 2012, reflecting a rise of 167%. However, the value dropped to Rs 2,680 per sq.ft in 2017, marking a decrease of 33%. The most recent revision in 2024 has brought the value back up to Rs 4,400 per sq.ft, which is an increase of 64% from the 2017 figure.

It is important to note that there are no recorded figures for the years 2023, 2003, and 2002 for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 193%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of New Colony Extn.

• New Colony Gandhi Salai: Rs 4,400 per sq.ft (2024)
• New Colony Ambika Street: Rs 4,400 per sq.ft (2024)
• New Colony Ambedkar Street: Rs 4,400 per sq.ft (2024)
• New Colony 5th Street: Rs 4,400 per sq.ft (2024)
• New Colony 4th Street: Rs 4,400 per sq.ft (2024)
• New Colony Main Salai: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony Extn

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony Extn?

The New Colony Extn area is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Velachery, as it determines the minimum value at which a property can be registered. When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, buyers and sellers must consider the guideline value to ensure compliance with local regulations. This value is essential for the legal transfer of property ownership and affects the overall costs involved in the transaction.

Frequently asked questions

What is the current guideline value of New Colony Extn?

The current guideline value of New Colony Extn 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 from Rs 1,500 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 193% over the years.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in New Colony Extn is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Velacheri Sub Registrar Office?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the classification of land in New Colony Extn?

The land classification for New Colony Extn is Residential Class II Type - II, which indicates its zoning for residential purposes.