Guideline Value for New Colony

New Colony guideline value

The current guideline value of New Colony, located in Issa Pallavaram village under the Pallavaram SRO, is Rs 3,850 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of New Colony has changed

The guideline value for New Colony has seen several revisions over the years. The earliest recorded figure is from 2007, which was Rs 900 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking an increase of 289%. However, the value dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The most recent revision in 2023 set the guideline value at Rs 3,500 per sq.ft, which then rose to Rs 3,850 per sq.ft in 2024, reflecting a 10% increase.

There are no figures available in the register for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 328%.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, placing New Colony's 2024 figure above this median. Below are the guideline values for other streets in Issa Pallavaram:

• New Street: Rs 4,400 per sq.ft (2024)
• Nehru Street: Rs 2,750 per sq.ft (2024)
• Nehru Nagar First Street: Rs 3,850 per sq.ft (2024)
• Old Trank Road: Rs 11,000 per sq.ft (2024)
• Narayanaswamy Street: Rs 2,200 per sq.ft (2024)
• Narayanaswamy 2nd Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony?

The Sub Registrar Office covering New Colony is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Issa Pallavaram. It is used to determine the applicable stamp duty and registration fees, ensuring that both parties involved in the transaction are aware of the financial obligations.

When buying or selling property, the guideline value must be considered as it affects the overall cost of the transaction. It is essential for buyers and sellers to be informed about the current guideline value to ensure a smooth registration process.

Frequently asked questions

What is the current guideline value of New Colony?

The current guideline value of New Colony is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2007 to Rs 3,850 per sq.ft in 2024, marking an overall increase of 328% over the years.

What is the land classification for New Colony?

New Colony is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office for New Colony is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500 at a rate of 7%.