Guideline Value for New colony 1st Lane

New colony 1st Lane guideline value

The current guideline value of New colony 1st Lane in Palavanthangal village, under the Alandur SRO, is Rs 2,800 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class II Type - II land classification.

How the guideline value of New colony 1st Lane has changed

Over the years, the guideline value of New colony 1st Lane has seen significant changes. The 2007 revision recorded a value of Rs 750 per sq.ft, which increased dramatically to Rs 2,500 per sq.ft in 2012, marking a rise of 233%. However, the value dropped to Rs 1,675 per sq.ft in 2017, reflecting a decrease of 33%. The next revision in 2023 saw the value rise again to Rs 2,500 per sq.ft, and the latest revision in 2024 has set the value at Rs 2,800 per sq.ft, which is a 12% increase from the previous year.

Notably, the register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 273%.

Guideline values in Palavanthangal

In Palavanthangal, there are 95 streets under the Alandur SRO carrying a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 3,900 per sq.ft. The guideline value of New colony 1st Lane is below this median.

• New Colony 1st Street: Rs 2,800 per sq.ft (2024)
• New Colony 2nd Lane: Rs 2,800 per sq.ft (2024)
• New Colony 2nd Street: Rs 2,800 per sq.ft (2024)
• New Bharathiyar Street: Rs 3,900 per sq.ft (2024)
• New Bharathiyar 2nd Street: Rs 3,900 per sq.ft (2024)
• New colony 3rd lane: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in New colony 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total charges to Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers New colony 1st Lane?

The New colony 1st Lane is covered by the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For more information, you can find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Palavanthangal. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value serves as a benchmark for both buyers and sellers. It ensures transparency in property transactions and protects the interests of all parties involved.

Frequently asked questions

What is the current guideline value of New colony 1st Lane?

The current guideline value of New colony 1st Lane is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 750 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, representing an overall increase of 273% during this period.

What is the land classification for New colony 1st Lane?

New colony 1st Lane falls under the Residential Class II Type - II land classification.

What are the stamp duty and registration fees for property in New colony 1st Lane?

For a 1,000 sq.ft plot, the total guideline value is Rs 28,00,000. The stamp duty at 7% is Rs 1,96,000, and the registration fee at 2% is Rs 56,000, totaling Rs 2,52,000.

Which Sub Registrar Office covers New colony 1st Lane?

The Alandur Sub Registrar Office covers New colony 1st Lane, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.