Guideline Value for New Colony Street

New Colony Street guideline value

The current guideline value of New Colony Street in Thirumangalam village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the AnnaNagar SRO and is classified as Residential Class II Type - I.

How the guideline value of New Colony Street has changed

The guideline value for New Colony Street has seen several revisions over the years. In 2007, the value was Rs 1,700 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012, marking a significant rise of 76%. However, between 2012 and 2017, the value decreased by 33% to Rs 2,010 per sq.ft. The value then increased substantially by 49% to reach Rs 3,000 per sq.ft in 2023.

With the latest revision in 2024, the guideline value is now Rs 3,300 per sq.ft, representing a 10% increase from the previous year. Overall, from 2007 to 2024, the guideline value has increased by 94%. It is important to note that the register has no figures for New Colony Street for the years 2002 and 2003.

Guideline values in Thirumangalam

In Thirumangalam, there are 149 streets under the AnnaNagar SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 15,900 per sq.ft, with a median value of Rs 11,500 per sq.ft. The guideline value for New Colony Street is below this median.

• Nehru Nagar 5th Street, K Block West: Rs 11,500 per sq.ft (2024)
• NVN Nagar: Rs 4,400 per sq.ft (2024)
• Old Thirumangalam End Point to 17th Main Road Facing West: Rs 13,200 per sq.ft (2024)
• Periyar Nagar: Rs 4,400 per sq.ft (2024)
• Periyar Street: Rs 3,300 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 12,600 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Together, the total cost for these fees would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers New Colony Street?

The Sub Registrar Office that covers New Colony Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Thirumangalam. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers should be aware that the guideline value may differ from the actual sale price.

When a property is sold, the registration office uses the guideline value to calculate applicable fees, ensuring that the transaction is recorded accurately. This helps in maintaining transparency in property dealings and ensures that all parties are aware of the legal value of the property being transacted.

Frequently asked questions

What is the current guideline value of New Colony Street?

The current guideline value of New Colony Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 94% over this period.

What is the median guideline value for streets in Thirumangalam?

The median guideline value for streets in Thirumangalam is Rs 11,500 per sq.ft as of 2024.

What fees are associated with property transactions in New Colony Street?

For property transactions, buyers can expect to pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for New Colony Street located?

The Sub Registrar Office for New Colony Street is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.