Guideline Value for NEW STAR CITY

New Star City guideline value

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

How the guideline value of New Star City has changed

The guideline value for New Star City has seen several revisions over the years. Starting from the 2012 revision, the value was Rs 500 per sq.ft. It then decreased to Rs 335 per sq.ft in 2017. Following this, the value increased to Rs 500 per sq.ft in 2023, and finally, the current value is Rs 550 per sq.ft as of the 2024 revision. Notably, the register has no figures for the years 2002, 2003, and 2007 for this street.

Between revisions, significant changes were observed. From 2012 to 2017, there was a decrease of 33%. However, from 2017 to 2023, the value increased by 49%. The most recent change from 2023 to 2024 reflects a 10% increase, resulting in an overall increase of 10% from 2012 to 2024.

Guideline values in Alamathi

In Alamathi, there are 54 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft. The median value among these streets is Rs 550 per sq.ft, which aligns with the current guideline value of New Star City.

• New Star City Annex: Rs 660 per sq.ft (2024)
• N.R.V. Nagar: Rs 550 per sq.ft (2024)
• Padavattamman Street: Rs 770 per sq.ft (2024)
• Nallur Road: Rs 550 per sq.ft (2024)
• Parthiban Nagar: Rs 550 per sq.ft (2024)
• Pelican Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in New Star City

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total to Rs 49,500. 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 details.

Which Sub Registrar Office covers New Star City?

The New Star City area is covered by the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Alamathi. It serves as a benchmark for determining the stamp duty and registration fees payable at the time of property registration. Buyers and sellers must consider this value to ensure compliance with legal requirements during the transaction process.

When registering a property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the transaction is processed according to the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of New Star City?

The current guideline value of New Star City 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 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 Star City?

New Star City falls under the Residential Class II Type - I land classification.

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

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which office handles property registration for New Star City?

The Redhills Sub Registrar Office handles property registration for New Star City, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.