Guideline Value for NEW NAGAR

New Nagar guideline value

The current guideline value of New Nagar, located in Pallikaranai village, is Rs 1,320 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of New Nagar has changed

The guideline value for New Nagar has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 104 per sq.ft. This increased to Rs 123 per sq.ft in 2003, marking an 18% rise. The value further increased significantly to Rs 400 per sq.ft in 2007, which was a 225% jump. By 2012, the guideline value was Rs 1,200 per sq.ft, reflecting a 200% increase from the previous revision. However, this value decreased to Rs 804 per sq.ft in 2017, a decline of 33%. The guideline value then rose to Rs 1,200 per sq.ft in 2023, and finally, it reached Rs 1,320 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, the guideline value has increased from Rs 104 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, representing an impressive overall growth of 1169%. There are no figures available for any other revisions for this street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, indicating that New Nagar's 2024 figure is below that median.

• New Dass School: Rs 1,320 per sq.ft (2024)
• New Colony Cross St.: Rs 2,200 per sq.ft (2024)
• New Colony 1st Street: Rs 2,200 per sq.ft (2024)
• New Colony: Rs 2,200 per sq.ft (2024)
• New Balaji Nagar: Rs 1,320 per sq.ft (2024)
• Nethaji Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in New Nagar

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, while the registration fee at 2% would be Rs 26,400. Together, these fees would total Rs 1,18,800. It is important to note that the 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 more details.

Which Sub Registrar Office covers New Nagar?

The Sub Registrar Office that covers New 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 Pallikaranai

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which property transactions can be registered. Buyers must ensure that the sale price is at least equal to the guideline value to avoid any legal issues during registration.

Additionally, the guideline value is used to calculate applicable fees such as stamp duty and registration charges. These fees are based on the higher of the guideline value or the actual sale price, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Nagar?

The current guideline value of New Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 104 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, with various increases and one decrease along the way.

What is the land classification of New Nagar?

New Nagar is classified as Residential Class IV Type - II under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for property in New Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400, and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Where can I find the Sub Registrar Office for New Nagar?

The Sub Registrar Office for New Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.