Guideline Value for NEW Chennai City

NEW Chennai City guideline value

The current guideline value for NEW Chennai City, located in Kavanur village under the Gooduvancheri SRO, is Rs 800 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - III.

How the guideline value of NEW Chennai City has changed

The guideline value for NEW Chennai City has seen several revisions over the years. The 2012 revision set the value at Rs 800 per sq.ft, which remained unchanged in the 2023 revision. The 2017 revision recorded a lower value of Rs 536 per sq.ft, marking a decrease of 33% from the 2012 figure. The most recent 2024 revision again set the value at Rs 800 per sq.ft, indicating no change from the previous year.

In summary, from the 2017 revision to the 2023 revision, there was an increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value remains unchanged at Rs 800 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kavanur

Kavanur village features 109 streets under the Gooduvancheri SRO, with the 2024 guideline values ranging from Rs 500 to Rs 2,239 per sq.ft. The guideline value for NEW Chennai City aligns with the median of Rs 800 per sq.ft. Below are the guideline values for other streets in Kavanur:

• New Chennai City Phase - I: Rs 670 per sq.ft (2024)
• Nehru Nagar: Rs 800 per sq.ft (2024)
• Nedunsalai Thittam Nagar-6: Rs 800 per sq.ft (2024)
• Padavattamman Koil Street: Rs 747 per sq.ft (2024)
• Nachiar Avenue: Rs 1,000 per sq.ft (2024)
• Parameshwari Amman Nagar: Rs 600 per sq.ft (2024)

Stamp duty and registration fee for property in NEW Chennai City

For a 1,000 sq.ft plot at the current guideline value of Rs 800 per sq.ft, the total guideline value amounts to Rs 8,00,000. The stamp duty, calculated at 7%, would be Rs 56,000, and the registration fee at 2% would be Rs 16,000, bringing the total to Rs 72,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers NEW Chennai City?

The Sub Registrar Office that covers NEW Chennai City is the Gooduvancheri Sub Registrar Office, located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone. You can find your SRO for further assistance.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kavanur. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When a property is sold, the guideline value is used to calculate the applicable fees, ensuring that both the buyer and seller are aware of the financial obligations associated with the transfer of property ownership. It is essential to consider the guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value for NEW Chennai City?

The current guideline value for NEW Chennai City is Rs 800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained at Rs 800 per sq.ft since 2012, with a notable decrease to Rs 536 per sq.ft in 2017, followed by an increase back to Rs 800 per sq.ft in 2023 and 2024.

What is the land classification for NEW Chennai City?

The land classification for NEW Chennai City is Residential Special Type - III, indicating its designated use for residential purposes.

What are the guideline values for other streets in Kavanur?

Other streets in Kavanur have varying guideline values, with rates ranging from Rs 500 to Rs 2,239 per sq.ft. Some notable streets include Nehru Nagar and Nedunsalai Thittam Nagar-6, both at Rs 800 per sq.ft in 2024.

Where is the Gooduvancheri Sub Registrar Office located?

The Gooduvancheri Sub Registrar Office is located at Defence Colony Road, near Veterinary Hospital, Nanthivaram, Guduvanchery-603202, Chengalpattu registration zone, providing services for property registration in the area.