Guideline Value for New Colony

New Colony guideline value

The current guideline value of New Colony, located in Vettavedagai village under the Sunguvarchattram SRO, is Rs 200 per sq.ft. This value is effective from the 2024 revision, which will be implemented on 1 July 2024. The land classification for this area is Residential Class I Type - I.

How the guideline value of New Colony has changed

The guideline value for New Colony has undergone several revisions over the years. In the 2012 revision, the value was set at Rs 200 per sq.ft. This remained unchanged until the 2017 revision, which saw a decrease to Rs 134 per sq.ft, marking a decline of 33%. However, by the 2023 revision, the value returned to Rs 200 per sq.ft, and it has stayed the same into the 2024 revision, showing no change from 2023 to 2024.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. Overall, when comparing the 2012 revision to the 2024 revision, the guideline value has remained stable, showing an overall change of 0%.

Guideline values in Vettavedagai

In Vettavedagai, there are five streets under the Sunguvarchattram SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 500 per sq.ft. The median value for these streets is Rs 200 per sq.ft, which is the same as the current guideline value for New Colony.

• Perumal Kovil Street: Rs 200 per sq.ft (2024)
• Gandhi Nagar: Rs 200 per sq.ft (2024)
• Church Street: Rs 200 per sq.ft (2024)
• Bangalore Main Road: Rs 500 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 200 per sq.ft, the total guideline value would be Rs 2,00,000. The stamp duty at 7% would amount to Rs 14,000, and the registration fee at 2% would be Rs 4,000, bringing the total charges to Rs 18,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, 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 Vettavedagai

The guideline value plays a crucial role in the registration of property transactions in Vettavedagai. It serves as a benchmark for calculating the stamp duty and registration fees that are applicable when buying or selling property in the area.

When a property is registered, the guideline value is used to determine the applicable charges. Buyers and sellers must be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, ensuring that the proper fees are collected during the registration process.

Frequently asked questions

What is the current guideline value of New Colony?

The current guideline value of New Colony is Rs 200 per sq.ft, effective from the 2024 revision starting on 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with the most recent revision in 2024 maintaining the value at Rs 200 per sq.ft, unchanged from 2023. The value was Rs 134 per sq.ft in 2017, which was a decrease from Rs 200 per sq.ft in 2012.

What are the stamp duty and registration fees for New Colony?

For a property with a guideline value of Rs 2,00,000, the stamp duty would be Rs 14,000 and the registration fee would be Rs 4,000, totaling Rs 18,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office covers New Colony?

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

What is the land classification for New Colony?

The land classification for New Colony is Residential Class I Type - I, indicating its designation for residential use within the area.