Guideline Value for OLD POST OFFICE ROAD (NEW COLONY)

Old Post Office Road (New Colony) guideline value

The current guideline value of Old Post Office Road (New Colony) is Rs 2,100 per sq.ft, effective from 1 July 2024. This street is located in Korattur village and falls under the Villivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Old Post Office Road (New Colony) has changed

The guideline value for Old Post Office Road (New Colony) has seen several revisions over the years. In 2007, the guideline value was set at Rs 400 per sq.ft. This figure increased significantly to Rs 2,000 per sq.ft in the 2012 revision. The value remained unchanged at Rs 2,000 per sq.ft until the 2023 revision, where it was again Rs 2,000 per sq.ft. The most recent revision in 2024 saw an increase to Rs 2,100 per sq.ft, marking a 5% rise from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 425%. Notably, there were no figures available for the years 2002, 2003, and 2017 in the register for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Old Post Office Road (New Colony) below this median.

• Olympic Nagar: Rs 1,600 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,600 per sq.ft (2024)
• Officers Avenue: Rs 2,900 per sq.ft (2024)
• Om Sakthi Nagar (Near Pdr Nagar): Rs 2,700 per sq.ft (2024)
• Oragadam Co-Op. Housing Colony: Rs 2,100 per sq.ft (2024)
• North Railway Station Road Chennai - 76: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Old Post Office Road (New Colony)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value would be Rs 21,00,000. The stamp duty at 7% would amount to Rs 1,47,000, while the registration fee at 2% would be Rs 42,000. The total cost for these fees would be Rs 1,89,000. 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 information.

Which Sub Registrar Office covers Old Post Office Road (New Colony)?

The Sub Registrar Office that covers Old Post Office Road (New Colony) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for further assistance.

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

The guideline value is an essential factor when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees applicable during the transaction. Buyers and sellers must consider this value to ensure compliance with local regulations and to understand the financial implications of their property transaction.

When a property is registered, the guideline value is used to calculate the stamp duty and registration fees. The duty is charged based on the higher of the guideline value or the sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Old Post Office Road (New Colony)?

The current guideline value of Old Post Office Road (New Colony) is Rs 2,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 400 per sq.ft in 2007 to Rs 2,100 per sq.ft in 2024, marking a total increase of 425% over the years.

What are the other streets in Korattur with their guideline values?

Other streets in Korattur have varying guideline values, with Olympic Nagar and Om Sakthi Nagar at Rs 1,600 per sq.ft, while Officers Avenue is at Rs 2,900 per sq.ft.

Where can I find the Villivakkam Sub Registrar Office?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is the stamp duty calculated for properties in Old Post Office Road (New Colony)?

Stamp duty for properties in Old Post Office Road (New Colony) is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 21,00,000, the stamp duty would be Rs 1,47,000.