Guideline Value for New Colony Third Street

New Colony Third Street guideline value

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

How the guideline value of New Colony Third Street has changed

Over the years, the guideline value for New Colony Third Street has seen several revisions. The 2012 revision set the value at Rs 250 per sq.ft, which remained unchanged until the 2023 revision, where it was again Rs 250 per sq.ft. The 2017 revision had a lower figure of Rs 167 per sq.ft, marking a decrease of 33% from the 2012 value. From 2017 to 2023, there was an increase of 50% to return to Rs 250 per sq.ft. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2024, the overall change in the guideline value has been 0%, as the value has consistently remained at Rs 250 per sq.ft since 2012. The 2024 revision reflects no change from the previous year, maintaining the guideline value at Rs 250 per sq.ft.

Guideline values in Sethamangalam

In Sethamangalam, there are 11 streets under the Sunguvarchattram SRO with 2024 guideline values ranging from Rs 250 to Rs 500 per sq.ft. The median value among these streets is Rs 400 per sq.ft, indicating that New Colony Third Street's current value is below this median.

• New Colony Second Street: Rs 250 per sq.ft (2024)
• New Colony First 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 Third 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 is charged at 7%, which totals Rs 17,500, while the registration fee is 2%, amounting to Rs 5,000. Therefore, the total cost for stamp duty and registration fee together is Rs 22,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Colony Third Street?

The Sub Registrar Office that covers New Colony Third Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Sethamangalam, as it determines the minimum value at which properties can be registered. When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, ensuring that both parties are aware of the financial obligations involved in the transaction.

During the registration process, the guideline value serves as a benchmark for assessing the property's worth. It is essential for buyers and sellers to be informed about the current guideline value to avoid any discrepancies during the registration of the property.

Frequently asked questions

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

The current guideline value of New Colony Third 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 notable increase of 50% from Rs 167 per sq.ft in 2017 to Rs 250 per sq.ft in 2023.

What is the land classification for New Colony Third Street?

The land classification for New Colony Third Street is Residential Class II Type - I.

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

For a property valued at Rs 2,50,000, the stamp duty would be Rs 17,500 and the registration fee would be Rs 5,000, totaling Rs 22,500.

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

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