Guideline Value for NEW STAR CITY

New Star City guideline value

The current guideline value of New Star City, located in Melsingilimedu village under the Thiruvottiyur SRO, is Rs 330 per sq.ft. This value is classified as Commercial Class I Type - I and is effective from 1 July 2024.

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 300 per sq.ft. This figure changed to Rs 201 per sq.ft in the 2017 revision, marking a decrease of 33%. However, the subsequent 2023 revision increased the value to Rs 300 per sq.ft, and the latest 2024 revision has set it at Rs 330 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 300 per sq.ft. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Melsingilimedu

In Melsingilimedu, there are 14 streets under the Thiruvottiyur SRO that carry a 2024 guideline value, ranging from Rs 330 to Rs 880 per sq.ft. The median value is Rs 330 per sq.ft, which is equal to the 2024 figure for New Star City.

• New Power City Part 2: Rs 330 per sq.ft (2024)
• Kumaran Nagar/All Part: Rs 330 per sq.ft (2024)
• Sri Kaligambal Avenue: Rs 330 per sq.ft (2024)
• Sri Kaligambal Nagar: Rs 330 per sq.ft (2024)
• Sri Kaligambal Nagar Ext: Rs 330 per sq.ft (2024)
• Sri Lakshmi Amman Nagar: Rs 330 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 guideline value of Rs 330 per sq.ft, the total guideline value amounts to Rs 3,30,000. The stamp duty at 7% would be Rs 23,100, while the registration fee at 2% would be Rs 6,600. Together, the total fees would be Rs 29,700. 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 Star City?

The New Star City area falls under the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Melsingilimedu. It serves as a benchmark for determining the minimum value at which the property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the financial implications associated with the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration requirements and to avoid any legal complications.

Frequently asked questions

What is the current guideline value of New Star City?

The current guideline value of New Star City is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over recent years?

Since 2012, the guideline value has seen fluctuations, starting at Rs 300 per sq.ft in 2012, dropping to Rs 201 per sq.ft in 2017, then rising to Rs 300 per sq.ft in 2023, and finally reaching Rs 330 per sq.ft in 2024.

What is the stamp duty rate for property in New Star City?

The stamp duty rate for property transactions in New Star City is 7% of the guideline value or the sale price, whichever is higher.

What registration fees apply in New Star City?

The registration fee for property transactions in New Star City is 2% of the guideline value or the sale price, whichever is higher.

Where is the Thiruvottiyur Sub Registrar Office located?

The Thiruvottiyur Sub Registrar Office is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.