Guideline Value for New Colony

New Colony guideline value

The current guideline value for New Colony, located in Egmore village under the Periamet SRO, is Rs 8,300 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - III.

How the guideline value of New Colony has changed

The guideline value for New Colony has undergone several revisions over the years. Starting from Rs 388 per sq.ft in 2002, it increased to Rs 428 per sq.ft in 2003. The value saw significant growth over the next few revisions, reaching Rs 1,800 per sq.ft in 2007, then Rs 7,600 per sq.ft in 2012. However, it dropped to Rs 5,092 per sq.ft in 2017 before rising again to Rs 7,600 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 8,300 per sq.ft.

Examining the changes between revisions reveals a notable increase. From 2017 to 2023, the guideline value rose by 49%. The jump from 2007 to 2012 was 322%, and from 2002 to 2003, it increased by 10%. Overall, the guideline value has increased by 2039% from 2002 to 2024.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO with a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value is Rs 7,100 per sq.ft, placing New Colony's 2024 figure above this median.

• New Colony 1st street: Rs 8,300 per sq.ft (2024)
• New Colony 2nd street: Rs 8,300 per sq.ft (2024)
• New Avadi Salai: Rs 13,500 per sq.ft (2024)
• New Colony 3rd street: Rs 8,300 per sq.ft (2024)
• New Mandapam Road: Rs 3,900 per sq.ft (2024)
• Nehru Park: Rs 2,800 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 8,300 per sq.ft, the total guideline value amounts to Rs 83,00,000. The stamp duty at 7% would be Rs 5,81,000, and the registration fee at 2% would be Rs 1,66,000, making the total Rs 7,47,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Colony?

The Sub Registrar Office that covers New Colony is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration process of property transactions. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on an official valuation of the property.

When buying or selling property in New Colony or elsewhere in Egmore, it is essential to be aware of the current guideline value, as it can significantly impact the overall costs associated with the transaction. Buyers and sellers should refer to the latest revisions to understand their financial obligations accurately.

Frequently asked questions

What is the current guideline value for New Colony?

The current guideline value for New Colony is Rs 8,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 388 per sq.ft in 2002 to Rs 8,300 per sq.ft in 2024, reflecting an overall increase of 2039% over the years.

What is the median guideline value in Egmore?

The median guideline value in Egmore is Rs 7,100 per sq.ft, with New Colony's 2024 figure being above this median.

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

For a property valued at Rs 83,00,000, the stamp duty would be Rs 5,81,000 and the registration fee would be Rs 1,66,000, totaling Rs 7,47,000.

Where is the Sub Registrar Office for New Colony located?

The Sub Registrar Office for New Colony is located at 1103, Poonamallee High Road, Chennai-600 003.