Guideline Value for NEW FARRONS ROAD

New Farrons Road guideline value

The current guideline value of New Farrons Road is Rs 4,400 per sq.ft, effective from 1 July 2024. This road is located in Purasaivakkam village, under the Purasaivakkam SRO, with a land classification of Residential Class IV Type - I.

How the guideline value of New Farrons Road has changed

The guideline value for New Farrons Road has seen several revisions over the years. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012, a rise of 122%. However, the 2017 revision saw a decrease to Rs 2,680 per sq.ft, a drop of 33%. The value then increased significantly to Rs 4,000 per sq.ft in 2023, marking a 49% increase. The latest revision in 2024 raised the value to Rs 4,400 per sq.ft, reflecting a 10% 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 144%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 18,100 per sq.ft, with a median value of Rs 5,500 per sq.ft. New Farrons Road's 2024 figure is below this median.

• New Manicka Naicken Street: Rs 7,100 per sq.ft (2024)
• New Secretariat Colony: Rs 7,100 per sq.ft (2024)
• New Street: Rs 5,500 per sq.ft (2024)
• New Street 1st Lane: Rs 5,500 per sq.ft (2024)
• New Street 2nd Lane: Rs 5,500 per sq.ft (2024)
• New Street 3rd Lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in New Farrons Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers New Farrons Road?

The Sub Registrar Office covering New Farrons Road is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is conducted at a fair value.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both the buyer and seller are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of New Farrons Road?

The current guideline value of New Farrons Road is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 144% over this period.

What is the land classification for New Farrons Road?

New Farrons Road is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for New Farrons Road?

The Sub Registrar Office for New Farrons Road is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties on New Farrons Road?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.