Guideline Value for NEW STAR CITY

New Star City guideline value

The current guideline value of New Star City, located in Thirunilai village under the Thiruvottiyur SRO, is Rs 248 per sq.ft. This value is effective from the 2024 revision, which falls on 1 July 2024. The land classification for this area is Residential Special Type - I.

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 2007 revision, the value was Rs 50 per sq.ft. This figure increased significantly to Rs 225 per sq.ft in 2012, marking a 350% rise. However, it then decreased to Rs 151 per sq.ft in 2017, which represented a 33% drop. The value then rose again to Rs 226 per sq.ft in 2023, a substantial increase of 50%. The latest revision in 2024 has set the value at Rs 248 per sq.ft, reflecting a 10% increase from the previous year.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 396%.

Guideline values in Thirunilai

In Thirunilai village, there are 10 streets under the Thiruvottiyur SRO that carry a 2024 guideline value of Rs 248 per sq.ft, which is also the median value for the area. New Star City's 2024 figure matches this median.

• Pachaiamma Nagar: Rs 248 per sq.ft (2024)
• Pachaiamma Nagar Ext.: Rs 248 per sq.ft (2024)
• MRK Pannai Thottam: Rs 248 per sq.ft (2024)
• Sri Lakshmi Ganapathy Nagar: Rs 248 per sq.ft (2024)
• Sri Sankara Balasubramaniya Highway City: Rs 248 per sq.ft (2024)
• Thirumalai Nagar: Rs 248 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 248 per sq.ft, the total guideline value amounts to Rs 2,48,000. The stamp duty at 7% would be Rs 17,360, and the registration fee at 2% would be Rs 4,960, bringing the total fees together to Rs 22,320. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Star City?

The Sub Registrar Office that covers New Star City is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is an essential factor when registering property transactions in Thirunilai. It determines the minimum value at which a 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 both parties understand the official value of the property. It is crucial for buyers to be aware of this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of New Star City?

The current guideline value of New Star City is Rs 248 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 50 per sq.ft in 2007 to Rs 248 per sq.ft in 2024, marking an overall increase of 396%.

What is the land classification for New Star City?

The land classification for New Star City is Residential Special Type - I.

Where is the Thiruvottiyur Sub Registrar Office located?

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

How is stamp duty calculated for properties in New Star City?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 17,360.