Guideline Value for New Vettu Colony

New Vettu Colony guideline value

The current guideline value of New Vettu Colony is Rs 660 per sq.ft, effective from 1 July 2024. This area is part of Old Gummidipoondi village under the Gummidipoondi SRO, classified as Residential Class II Type - I.

How the guideline value of New Vettu Colony has changed

The guideline value for New Vettu Colony has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 660 per sq.ft, which is an increase from Rs 600 per sq.ft in 2023, reflecting a 10% rise. Prior to that, the 2017 revision recorded a value of Rs 402 per sq.ft, marking a significant 49% increase when compared to the 2023 figure. The 2012 revision also had a value of Rs 600 per sq.ft, indicating a decrease of 33% when compared to the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by 10%.

It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street. The 2012 and 2017 revisions show a fluctuation in values, but the current guideline value reflects the most recent assessment.

Guideline values in Old Gummidipoondi

In Old Gummidipoondi, there are 90 streets under the Gummidipoondi SRO that carry a 2024 guideline value ranging from Rs 220 to Rs 1,210 per sq.ft, with the median value being Rs 660 per sq.ft. New Vettu Colony's 2024 figure is equal to this median.

• New Harijan Colony Ward No.5 Door No.1-38: Rs 330 per sq.ft (2024)
• Old Tapal street or old TapalOffice Ward No.8 Door No.1-26b Tar Road: Rs 660 per sq.ft (2024)
• Nattanmaikara Street Ward No.1 Door No.1-57: Rs 330 per sq.ft (2024)
• Pavazhakattan Street, Ward No.1 Door No.1-55: Rs 220 per sq.ft (2024)
• Musleem Colony Ward No.5 Door No.1-28: Rs 660 per sq.ft (2024)
• Musleem Colony Ward No.4 Door No.1-16: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in New Vettu Colony

For a 1,000 sq.ft plot at the current rate of Rs 660 per sq.ft, the guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total fees to Rs 59,400. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Vettu Colony?

The New Vettu Colony is covered by the Gummidipoondi Sub Registrar Office, located at No.9, Grc Complex, G.n.t.road, Gummidipoondi-601201, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process for property transactions in Old Gummidipoondi. It is used to determine the stamp duty and registration fees applicable at the time of purchase or sale.

When a property is registered, the guideline value is assessed to ensure that the transaction is recorded accurately. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of New Vettu Colony?

The current guideline value of New Vettu Colony is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2023 to Rs 660 per sq.ft in 2024, a 10% increase. From 2017 to 2023, it increased by 49% from Rs 402 per sq.ft to Rs 600 per sq.ft.

What is the land classification of New Vettu Colony?

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

Where can I find the Gummidipoondi Sub Registrar Office?

The Gummidipoondi Sub Registrar Office is located at No.9, Grc Complex, G.n.t.road, Gummidipoondi-601201, Chennai registration zone.

How is the stamp duty calculated for properties in New Vettu Colony?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property valued at Rs 660 per sq.ft incurs a total stamp duty and registration fee of Rs 59,400.