Guideline Value for NEW PORTIA

New Portia guideline value

The current guideline value of New Portia, located in Puthucheri village under the Padappai SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class I Type - I land classification.

How the guideline value of New Portia has changed

The guideline value for New Portia has seen several revisions over the years. In 2012, the value was Rs 500 per sq.ft, which decreased to Rs 335 per sq.ft in 2017. Following this, the value increased significantly to Rs 500 per sq.ft in 2023, and then to Rs 550 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The register has no figure for this street in 2002, 2003, and 2007.

Overall, from 2012 to 2024, the guideline value has increased by 10%. The change from 2017 to 2023 was a notable increase of 49%. The fluctuations in the guideline value reflect the adjustments made over the years based on various factors.

Guideline values in Puthucheri

In Puthucheri, there are 16 streets under the Padappai SRO carrying a 2024 guideline value ranging from Rs 550 to Rs 1,500 per sq.ft, with a median of Rs 625 per sq.ft. The guideline value of New Portia is below this median.

• Nimas: Rs 550 per sq.ft (2024)
• Nano Homes: Rs 550 per sq.ft (2024)
• Pink House: Rs 550 per sq.ft (2024)
• Lakshmi Nagar: Rs 550 per sq.ft (2024)
• Jerusalem Nagar: Rs 550 per sq.ft (2024)
• Sri Gayathri Doctors Nest Phase III: Rs 900 per sq.ft (2024)

Stamp duty and registration fee for property in New Portia

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value would be Rs 5,50,000. The stamp duty would be charged at 7%, amounting to Rs 38,500, and the registration fee at 2%, which would be Rs 11,000. Thus, the total cost for stamp duty and registration would be Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Portia?

The Sub Registrar Office that covers New Portia is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during property registration in Puthucheri. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure accurate financial planning.

When a property transaction occurs, the guideline value is assessed to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property as determined by the local authorities.

Frequently asked questions

What is the current guideline value of New Portia?

The current guideline value of New Portia is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2012 to Rs 335 per sq.ft in 2017, then increased to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of New Portia?

New Portia falls under the Residential Class I Type - I land classification.

What are the other streets in Puthucheri with similar guideline values?

Other streets in Puthucheri with a 2024 guideline value of Rs 550 per sq.ft include Nimas, Nano Homes, Pink House, Lakshmi Nagar, and Jerusalem Nagar.

Where is the Sub Registrar Office for New Portia located?

The Sub Registrar Office for New Portia is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.