Guideline Value for New colony 3rd lane

New colony 3rd lane guideline value

The current guideline value of New Colony 3rd Lane is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Palavanthangal village under the Alandur SRO, classified as Residential Class II Type - II.

How the guideline value of New colony 3rd lane has changed

Over the years, the guideline value of New Colony 3rd Lane has seen significant changes. In the 2007 revision, the value was Rs 900 per sq.ft, which increased dramatically to Rs 2,500 per sq.ft in 2012, marking a rise of 178%. However, in the 2017 revision, the value decreased to Rs 1,675 per sq.ft, a drop of 33%. The value then rose to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,800 per sq.ft from the 2024 revision, reflecting a 12% increase from the previous year.

It is important to note that the register has no figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 211%.

Guideline values in Palavanthangal

In Palavanthangal, there are 95 streets under the Alandur SRO that carry 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 3rd Lane is below this median.

• New Colony 2nd Street: Rs 2,800 per sq.ft (2024)
• New Colony 2nd Lane: Rs 2,800 per sq.ft (2024)
• New Colony 1st Street: Rs 2,800 per sq.ft (2024)
• New Colony 1st Lane: 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)

Stamp duty and registration fee for property in New colony 3rd lane

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the 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, totaling Rs 2,52,000. 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 colony 3rd lane?

The New Colony 3rd Lane is covered by the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Palavanthangal. It serves as a benchmark for determining the stamp duty and registration fees that buyers must pay during the transfer of property ownership.

When buying or selling property, the guideline value is compared with the sale price to assess which is higher, as the stamp duty is charged based on this higher amount. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of New Colony 3rd Lane?

The current guideline value of New Colony 3rd 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 900 per sq.ft in 2007 to Rs 2,800 per sq.ft in 2024, reflecting a total increase of 211% over this period.

What is the registration office for New Colony 3rd Lane?

The registration office for New Colony 3rd Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the stamp duty rates applicable?

The stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, along with a registration fee of 2%.

Where can I find more information about stamp duty and registration fees?

For more information about stamp duty and registration fees, you can use our stamp duty and registration fee calculator.