Guideline Value for New Colony First Street

New Colony First Street guideline value

The current guideline value of New Colony First Street is Rs 250 per sq.ft, effective from 1 July 2024. This street is located in Sethamangalam village, under the Sunguvarchattram SRO. It falls under the Residential Class II Type - I land classification.

How the guideline value of New Colony First Street has changed

Since the 2012 revision, the guideline value for New Colony First Street has seen fluctuations. The 2012 revision set the value at Rs 250 per sq.ft, which remained unchanged until the 2024 revision. The 2017 revision saw a decrease to Rs 167 per sq.ft, marking a -33% change from the 2012 figure. However, from 2017 to 2023, the value increased by 50%, bringing it back to Rs 250 per sq.ft, which remained the same in the 2024 revision.

The register has no figure for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has remained stable at Rs 250 per sq.ft.

Guideline values in Sethamangalam

In Sethamangalam, there are 11 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 250 to Rs 500 per sq.ft, with a median value of Rs 400 per sq.ft. New Colony First Street's 2024 figure is below this median.

• New Colony Second Street: Rs 250 per sq.ft (2024)
• New Colony Third Street: Rs 250 per sq.ft (2024)
• Madha Kovil Street: Rs 500 per sq.ft (2024)
• Kulakkarai Street: Rs 250 per sq.ft (2024)
• Selvam Nagar: Rs 405 per sq.ft (2024)
• Iyappa Nager: Rs 405 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony First Street

For a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft, the total guideline value amounts to Rs 2,50,000. The stamp duty at 7% would be Rs 17,500, and the registration fee at 2% would be Rs 5,000, making the total cost together Rs 22,500. 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 more information.

Which Sub Registrar Office covers New Colony First Street?

The Sub Registrar Office covering New Colony First Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value is a critical factor in the registration process for property transactions in Sethamangalam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives its due revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for buyers to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of New Colony First Street?

The current guideline value of New Colony First Street is Rs 250 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 250 per sq.ft since 2012, with a decrease to Rs 167 per sq.ft in 2017, followed by an increase back to Rs 250 per sq.ft in 2023, which has remained unchanged in 2024.

What is the land classification for New Colony First Street?

New Colony First Street falls under the Residential Class II Type - I land classification.

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

The Sub Registrar Office for New Colony First Street is located at Vadivamal Nagar Kandigai Road Caparo Company Opp, Sunguvarchatram, Chengalpattu registration zone.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value of Rs 250 per sq.ft would incur a total stamp duty of Rs 17,500.