Guideline Value for New Colony Main Salai

New Colony Main Salai guideline value

The current guideline value of New Colony Main Salai is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of New Colony Main Salai has changed

The guideline value for New Colony Main Salai has seen several revisions over the years. The earliest recorded figure was Rs 1,500 per sq.ft in 2007. This increased significantly to Rs 4,000 per sq.ft in 2012, marking a rise of 167%. However, it then decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The latest revision in 2024 has set the guideline value at Rs 4,400 per sq.ft, which represents a substantial increase of 64% from the 2017 figure.

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 guideline value is Rs 4,400 per sq.ft, which is equal to the current figure for New Colony Main Salai.

• New Colony Tharamani Link Street: Rs 4,400 per sq.ft (2024)
• New Colony Gandhi Salai: Rs 4,400 per sq.ft (2024)
• New Colony Extn: 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 Gomathy Nagar: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony Main Salai

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

Which Sub Registrar Office covers New Colony Main Salai?

The Sub Registrar Office that covers New Colony Main Salai is 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 crucial factor in the property registration process in Velachery. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in establishing the fair transaction value for the property. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of New Colony Main Salai?

The current guideline value of New Colony Main Salai 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, showing an overall increase of 193% over the years.

What is the land classification for New Colony Main Salai?

The land classification for New Colony Main Salai is Residential Class II Type - II.

What are the stamp duty and registration fees for property in this area?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft property, the total fees would amount to Rs 3,96,000.

Which office handles property registrations in New Colony Main Salai?

The Velacheri Sub Registrar Office handles property registrations for New Colony Main Salai, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.