Guideline Value for NEW FAIR LANDS NAGAR

New Fair Lands Nagar guideline value

The current guideline value of New Fair Lands Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024. This area is located in Chettipunniyam village under the Chengleput Joint II SRO, classified as Mixed Special Type - I.

How the guideline value of New Fair Lands Nagar has changed

The guideline value for New Fair Lands Nagar has seen several revisions over the years. The earliest recorded figure is from 2007, set at Rs 200 per sq.ft. This figure increased significantly to Rs 1,500 per sq.ft in 2012, reflecting a rise of 650%. However, it dropped to Rs 1,005 per sq.ft in 2017, a decrease of 33%. The subsequent revisions in 2023 and 2024 maintained the guideline value at Rs 1,500 per sq.ft, showing no change between these two years.

In summary, from 2007 to 2024, the overall increase in the guideline value is 650%. Notably, there are no figures available for the revisions in 2002 and 2003 for this street.

Guideline values in Chettipunniyam

In Chettipunniyam, there are 47 streets under the Chengleput Joint II SRO that carry a 2024 guideline value ranging from Rs 700 to Rs 4,750 per sq.ft, with a median value of Rs 900 per sq.ft. The guideline value of New Fair Lands Nagar is above this median.

• Narendara Nagar: Rs 700 per sq.ft (2024)
• M K Suseela's Hyyag Avenue: Rs 1,500 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 700 per sq.ft (2024)
• Magarantham: Rs 1,500 per sq.ft (2024)
• Rajendra Nagar: Rs 900 per sq.ft (2024)
• Rehapoth Nagar: Rs 900 per sq.ft (2024)

Stamp duty and registration fee for property in New Fair Lands Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,500 per sq.ft, the total guideline value would be Rs 15,00,000. The stamp duty at 7% would amount to Rs 1,05,000, and the registration fee at 2% would be Rs 30,000, bringing the total fees together to Rs 1,35,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers New Fair Lands Nagar?

The Sub Registrar Office that covers New Fair Lands Nagar is the Chengleput Joint II Sub Registrar Office, located at 10, Kancheepuram Main Road, Chengalpattu 603 002, within the Chengalpattu registration zone. To find your SRO, you can visit find your SRO.

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

When buying or selling property in Chettipunniyam, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is used as a reference point for these calculations, ensuring that the fees are based on a standard valuation of the property.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the overall costs associated with property transactions in the area. This helps in ensuring transparency and consistency in property dealings.

Frequently asked questions

What is the current guideline value of New Fair Lands Nagar?

The current guideline value of New Fair Lands Nagar is Rs 1,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 200 per sq.ft in 2007 to Rs 1,500 per sq.ft in 2012, then decreased to Rs 1,005 per sq.ft in 2017, and has remained at Rs 1,500 per sq.ft in 2023 and 2024.

What are the other streets in Chettipunniyam and their guideline values?

Other streets in Chettipunniyam include Narendara Nagar at Rs 700 per sq.ft, M K Suseela's Hyyag Avenue and Magarantham at Rs 1,500 per sq.ft, and Rajendra Nagar and Rehapoth Nagar at Rs 900 per sq.ft.

Where is the Sub Registrar Office for New Fair Lands Nagar located?

The Chengleput Joint II Sub Registrar Office is located at 10, Kancheepuram Main Road, Chengalpattu 603 002.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 15,00,000 would incur a stamp duty of Rs 1,05,000 at 7%.