Guideline Value for New India Colony Extn

New India Colony Extn guideline value

The current guideline value of New India Colony Extn is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under Madipakkam-1 village and is registered with the Velacheri SRO. The land classification for this street is Residential Class II Type - I.

How the guideline value of New India Colony Extn has changed

According to the guideline value register, there are no figures available for New India Colony Extn for the years 2002, 2003, 2007, 2012, 2017, and 2023. The most recent revision in 2024 has set the guideline value at Rs 2,200 per sq.ft.

Since there are no prior figures for this street, the 2024 revision stands as the first recorded guideline value for New India Colony Extn. Therefore, there have been no changes between the revisions as there were no previous values to compare.

Guideline values in Madipakkam-1

In Madipakkam-1, there are 1823 streets under the Velacheri SRO, with guideline values ranging from Rs 1,650 to Rs 5,500 per sq.ft. The median value for these streets is Rs 2,750 per sq.ft, placing New India Colony Extn's 2024 figure below the median.

• New India Colony 3rd Street: Rs 2,200 per sq.ft (2024)
• New India Colony Link Balaji Nagar East Main Road: Rs 3,300 per sq.ft (2024)
• New India Colony 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• New India Colony Main Road: Rs 2,200 per sq.ft (2024)
• New India Colony 2nd Street: Rs 2,200 per sq.ft (2024)
• New India Colony 2nd Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in New India Colony Extn

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost for these fees Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New India Colony Extn?

The New India Colony Extn is covered by the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Madipakkam-1

When buying or selling property in Madipakkam-1, the guideline value is a crucial factor as it determines the stamp duty and registration fees applicable during the transaction. Buyers should be aware that the guideline value may differ from the sale price, and the higher of the two will be used to calculate the fees.

During the registration process, the guideline value serves as a benchmark for the official valuation of the property. This ensures that the fees collected are in line with the established values set by the Registration Department.

Frequently asked questions

What is the current guideline value of New India Colony Extn?

The current guideline value of New India Colony Extn is Rs 2,200 per sq.ft, effective from 1 July 2024.

What is the land classification for New India Colony Extn?

The land classification for New India Colony Extn is Residential Class II Type - I.

How many streets are there in Madipakkam-1 under the Velacheri SRO?

There are 1823 streets in Madipakkam-1 under the Velacheri SRO that carry a 2024 guideline value.

What is the median guideline value for streets in Madipakkam-1?

The median guideline value for streets in Madipakkam-1 is Rs 2,750 per sq.ft.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.