Guideline Value for New colony 1st street

New colony 1st street guideline value

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

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

The guideline value for New colony 1st street has seen several revisions over the years. The earliest recorded figure is from 2007, where it was Rs 1,800 per sq.ft. This value increased significantly to Rs 7,600 per sq.ft in 2012, marking a rise of 322%. However, it then decreased to Rs 5,092 per sq.ft in 2017, a drop of 33%. The value continued to rise to Rs 7,600 per sq.ft in 2023, and then saw a further increase to Rs 8,300 per sq.ft in 2024, which is a 9% increase from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from the 2007 figure to the current 2024 revision, there has been a substantial rise of 361%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Egmore

In Egmore village, there are 465 streets under the Periamet SRO that carry 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, and New colony 1st street's current guideline value is above this median.

• New Colony: Rs 8,300 per sq.ft (2024)
• New Colony 2nd street: Rs 8,300 per sq.ft (2024)
• New colony 3rd street: Rs 8,300 per sq.ft (2024)
• New Avadi Salai: Rs 13,500 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 1st street

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. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New colony 1st street?

The Sub Registrar Office that covers New colony 1st street 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 in the registration process of properties in Egmore. When buying or selling a property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded accurately and legally.

It is essential for buyers and sellers to be aware of the current guideline value, as it affects the overall cost of the transaction. The guideline value is typically updated periodically, reflecting changes in the real estate market and local regulations.

Frequently asked questions

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

The current guideline value of New colony 1st street 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 1,800 per sq.ft in 2007 to Rs 8,300 per sq.ft in 2024, showing an overall increase of 361% over the years.

What are the stamp duty rates for properties in New colony 1st street?

The stamp duty for properties in New colony 1st street is 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Which office handles property registrations for New colony 1st street?

The Periamet Sub Registrar Office handles property registrations for New colony 1st street, located at 1103, Poonamallee High Road, Chennai-600 003.

Where can I find more information about guideline values in Egmore?

More information about guideline values in Egmore can be found in the registration department's guideline value register or by visiting the local Sub Registrar Office.