Guideline Value for NEW NAGAR

New Nagar guideline value

The current guideline value for New Nagar, located in Perambur village under the Purasaivakkam SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This classification falls under Residential Class II Type - II.

How the guideline value of New Nagar has changed

The guideline value for New Nagar has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 435 per sq.ft. This increased to Rs 477 per sq.ft in 2003, marking a 10% rise. The value continued to grow, reaching Rs 800 per sq.ft in 2007, which was a substantial increase of 68%. The 2012 revision saw the value rise to Rs 3,500 per sq.ft, reflecting a significant jump of 338%. However, the 2017 revision marked a decline to Rs 2,345 per sq.ft, a decrease of 33%. The value then increased again to Rs 3,500 per sq.ft in 2023, before reaching the current value of Rs 3,800 per sq.ft in 2024, which is a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 774%. There are no figures available for the revisions in years other than those specified.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median value for these streets is Rs 2,700 per sq.ft, positioning New Nagar's 2024 figure above that median.

• New Rathinamudali Street: Rs 3,200 per sq.ft (2024)
• New Magazine Road: Rs 2,200 per sq.ft (2024)
• New Kamaraj Nagar Nehruji 4th Street: Rs 2,700 per sq.ft (2024)
• New Kamaraj Nagar Nehruji 3rd Street: Rs 2,700 per sq.ft (2024)
• New Kamaraj Nagar Nehruji 2nd Street: Rs 2,700 per sq.ft (2024)
• New Kamaraj Nagar Nehruji 1st Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in New Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty, charged at 7%, would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000. Together, the total cost for these fees would be Rs 3,42,000. 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 precise calculations.

Which Sub Registrar Office covers New Nagar?

The Sub Registrar Office that covers New Nagar is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value plays a crucial role in the registration process of property transactions in Perambur. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the registration fees and stamp duties are calculated based on the guideline value or the sale price, whichever is higher.

When a property is sold, the buyer is required to pay the applicable stamp duty and registration fees based on the guideline value. This ensures that the transaction is officially recorded and that the necessary legal obligations are fulfilled.

Frequently asked questions

What is the current guideline value of New Nagar?

The current guideline value of New Nagar is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several revisions, increasing from Rs 435 in 2002 to Rs 3,800 in 2024, representing an overall increase of 774% over this period.

What is the land classification for New Nagar?

New Nagar is classified as Residential Class II Type - II under the Purasaivakkam SRO.

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

The stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For a 1,000 sq.ft plot, the total fees would amount to Rs 3,42,000.

Where is the Sub Registrar Office for New Nagar located?

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