Guideline Value for New Colony

New Colony guideline value

The current guideline value of New Colony in Kunnam village is Rs 181 per sq.ft, effective from 1 July 2024. This area falls under the Sunguvarchattram SRO and is classified as Residential Class II 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 most recent revision in 2024 maintains the guideline value at Rs 181 per sq.ft, unchanged from the 2023 revision. Prior to that, the 2017 revision recorded a value of Rs 134 per sq.ft, reflecting a 35% increase from 2017 to 2023. The 2012 revision had set the value at Rs 200 per sq.ft, marking a decrease of 33% to the 2017 figure. Overall, from 2012 to 2024, the guideline value has decreased by 10%.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kunnam

In Kunnam, there are 18 streets under the Sunguvarchattram SRO that carry a 2024 guideline value ranging from Rs 181 to Rs 660 per sq.ft, with a median value of Rs 200 per sq.ft. The guideline value for New Colony is below this median.

• Nadu Street: Rs 181 per sq.ft (2024)
• Mettu Street: Rs 181 per sq.ft (2024)
• Perumal Kovil Street: Rs 181 per sq.ft (2024)
• Prabu metha nagar: Rs 200 per sq.ft (2024)
• Lakshmi nagar Extension: Rs 200 per sq.ft (2024)
• Manikandan Nagar: Rs 181 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 181 per sq.ft, the total guideline value amounts to Rs 1,81,000. The stamp duty at 7% would be Rs 12,670, and the registration fee at 2% would be Rs 3,620, bringing the total fees to Rs 16,290. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony?

The New Colony area is covered by the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. To locate your SRO, you can find your SRO.

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

The guideline value is a crucial factor in the registration process of property transactions in Kunnam. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Colony?

The current guideline value of New Colony is Rs 181 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 181 per sq.ft from 2023 to 2024. It increased from Rs 134 per sq.ft in 2017, reflecting a 35% rise, and decreased from Rs 200 per sq.ft in 2012.

What is the classification of land in New Colony?

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

Where is the Sub Registrar Office for New Colony located?

The Sunguvarchattram Sub Registrar Office is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone.

How is stamp duty calculated in New Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a 1,000 sq.ft plot at Rs 181 per sq.ft incurs a total guideline value of Rs 1,81,000, leading to specific stamp duty and registration fees.