Guideline Value for New Colony

New Colony guideline value

The current guideline value of New Colony, located in Podavoor village under the Sunguvarchattram SRO, is Rs 181 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of New Colony has changed

Looking at the historical revisions, the guideline value for New Colony has undergone several changes. In the 2012 revision, the value was Rs 180 per sq.ft, which decreased to Rs 121 per sq.ft in the 2017 revision, representing a decline of 33%. However, from 2017 to 2023, the value increased by 50%, bringing it back to Rs 181 per sq.ft. The 2024 revision maintained the same value of Rs 181 per sq.ft as the previous year, indicating no change from 2023 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by just 1%. This consistency in the recent years suggests stability in the guideline value for New Colony.

Guideline values in Podavoor

In Podavoor, there are 20 streets under the Sunguvarchattram SRO that have a 2024 guideline value ranging from Rs 181 to Rs 600 per sq.ft, with a median value of Rs 250 per sq.ft. The guideline value for New Colony is below this median.

• Padasalai Street: Rs 300 per sq.ft (2024)
• Padavattamman Kovil Street: Rs 300 per sq.ft (2024)
• Ponjothi Garden: Rs 500 per sq.ft (2024)
• Mantheivelli Street: Rs 305 per sq.ft (2024)
• Kamadenu Forms: Rs 181 per sq.ft (2024)
• SriDevi Green Farms: Rs 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 rate of Rs 181 per sq.ft, the guideline value amounts to Rs 1,81,000. The stamp duty at 7% would be Rs 12,670, while the registration fee at 2% would be Rs 3,620, bringing the total 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Colony?

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

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

The guideline value is a crucial factor in the registration process when buying or selling property in Podavoor. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the duty is charged on the higher of the two amounts. 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 changed from Rs 180 per sq.ft in 2012 to Rs 121 per sq.ft in 2017, then increased to Rs 181 per sq.ft in 2023 and remained the same in 2024.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where is the Sub Registrar Office for New Colony located?

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

What is the median guideline value for streets in Podavoor?

The median guideline value for streets in Podavoor is Rs 250 per sq.ft, with values ranging from Rs 181 to Rs 600 per sq.ft in the 2024 revision.