Guideline Value for New Colony Ist Street Extension

New Colony Ist Street Extension guideline value

The current guideline value of New Colony Ist Street Extension 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 Ist Street Extension has changed

The guideline value for New Colony Ist Street Extension has seen several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which then decreased to Rs 2,345 per sq.ft in the 2017 revision. Following this, the 2023 revision brought the value back up to Rs 3,500 per sq.ft, and the most recent revision in 2024 increased it further to Rs 3,900 per sq.ft, marking an increase of 11% from the previous year.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 11%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Adambakkam

In Adambakkam, there are a total of 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 guideline value for these streets is Rs 3,900 per sq.ft, which is equal to the current guideline value of New Colony Ist Street Extension.

• New Colony Main Road: Rs 3,900 per sq.ft (2024)
• New Colony Extension: Rs 3,900 per sq.ft (2024)
• 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)

Stamp duty and registration fee for property in New Colony Ist 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 be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total cost for these fees 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 our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers New Colony Ist Street Extension?

The Sub Registrar Office that covers New Colony Ist Street Extension is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Adambakkam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory during the transfer of property ownership.

When a buyer or seller engages in a property transaction, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as determined by the Registration Department. This value is used to assess the applicable fees and taxes associated with the registration process.

Frequently asked questions

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

The current guideline value of New Colony Ist 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 from Rs 3,500 per sq.ft in 2023 to Rs 3,900 per sq.ft in 2024, showing an increase of 11%. It was Rs 2,345 per sq.ft in 2017 and Rs 3,500 per sq.ft in 2012.

What is the land classification for New Colony Ist Street Extension?

The land classification for New Colony Ist Street Extension is Residential Class I Type - III.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, and the registration fee is 2%. For example, a 1,000 sq.ft plot at the current guideline value would incur total fees of Rs 3,51,000.

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

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