Guideline Value for NEW BEACH ROAD VALMEEGI NAGAR

New Beach Road Valmeegi Nagar guideline value

The current guideline value for New Beach Road Valmeegi Nagar is Rs 12,660 per sq.ft, effective from 1 July 2024. This area is located in Thiruvanmiyur village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - I.

How the guideline value of New Beach Road Valmeegi Nagar has changed

The guideline value for New Beach Road Valmeegi Nagar has undergone several revisions over the years. The earliest recorded figure is from 2002, where the value was Rs 1,563 per sq.ft. This increased to Rs 1,729 per sq.ft in 2003, marking a rise of 11%. The value saw a significant jump in 2007, reaching Rs 2,200 per sq.ft, which is an increase of 27%. In 2012, the guideline value rose to Rs 11,500 per sq.ft, reflecting a substantial increase of 423%. However, between 2012 and 2017, the value decreased to Rs 7,705 per sq.ft, a drop of 33%. The value then increased again to Rs 11,500 per sq.ft in 2023, followed by the latest revision to Rs 12,660 per sq.ft in 2024, representing a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 710%. The register has no figure for the years not mentioned in this summary.

Guideline values in Thiruvanmiyur

In Thiruvanmiyur, there are 484 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 3,520 to Rs 12,660 per sq.ft. The median guideline value in this area is Rs 9,900 per sq.ft, placing New Beach Road Valmeegi Nagar's 2024 figure above that median.

• New Beach Road (Thiruvalluvar Nagar): Rs 12,660 per sq.ft (2024)
• New Beach Road Besant Nagar: Rs 12,650 per sq.ft (2024)
• Nethaji Street: Rs 9,900 per sq.ft (2024)
• Nethaji Nagar South Lane: Rs 9,900 per sq.ft (2024)
• Nethaji Nagar North Street: Rs 9,900 per sq.ft (2024)
• New Mahabalipuram Road: Rs 12,650 per sq.ft (2024)

Stamp duty and registration fee for property in New Beach Road Valmeegi Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 12,660 per sq.ft, the total guideline value amounts to Rs 1,26,60,000. The stamp duty at 7% would be Rs 8,86,200, and the registration fee at 2% would be Rs 2,53,200, bringing the total cost for these fees to Rs 11,39,400. Duty is charged on the guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Beach Road Valmeegi Nagar?

The Sub Registrar Office that covers New Beach Road Valmeegi Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of properties in Thiruvanmiyur. When a property is bought or sold, the guideline value is used to determine the applicable stamp duty and registration fees, ensuring that these fees are calculated based on the official rates set by the government.

It is important for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. The fees are 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 New Beach Road Valmeegi Nagar?

The current guideline value of New Beach Road Valmeegi Nagar is Rs 12,660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,563 per sq.ft in 2002 to Rs 12,660 per sq.ft in 2024, showing a significant increase over the years with various fluctuations in between.

What is the registration office for New Beach Road Valmeegi Nagar?

The registration office for New Beach Road Valmeegi Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 1,26,60,000, the stamp duty would be calculated at 7% of that amount.

What are the other streets in Thiruvanmiyur with similar guideline values?

Other streets in Thiruvanmiyur include New Beach Road (Thiruvalluvar Nagar) at Rs 12,660 per sq.ft, New Beach Road Besant Nagar at Rs 12,650 per sq.ft, and several streets at Rs 9,900 per sq.ft.