Guideline Value for NEW STAR GARDEN

New Star Garden guideline value

The current guideline value of New Star Garden, located in Theerthangiriyampattu village under the Redhills SRO, is Rs 605 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of New Star Garden has changed

The guideline value for New Star Garden has seen several revisions over the years. In 2012, the value was Rs 550 per sq.ft, which decreased to Rs 368 per sq.ft in 2017. However, this was followed by a significant increase to Rs 550 per sq.ft in 2023, and then to Rs 605 per sq.ft in the 2024 revision, marking a 10% increase from the previous year. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, but from 2017 to 2023, the value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Theerthangiriyampattu

Theerthangiriyampattu village has 24 streets under the Redhills SRO, with guideline values ranging from Rs 330 to Rs 880 per sq.ft. The median guideline value is Rs 605 per sq.ft, which is the same as the current value for New Star Garden.

• New Star City: Rs 585 per sq.ft (2024)
• Paramanandam Nagar: Rs 330 per sq.ft (2024)
• Moongilan Street: Rs 605 per sq.ft (2024)
• Pillaiyar Koil Street: Rs 770 per sq.ft (2024)
• Poovai Moorthiyar Street: Rs 330 per sq.ft (2024)
• Mettu Street: Rs 605 per sq.ft (2024)

Stamp duty and registration fee for property in New Star Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 605 per sq.ft, the total guideline value would be Rs 6,05,000. The stamp duty is charged at 7%, which amounts to Rs 42,350, and the registration fee is 2%, totaling Rs 12,100. Together, the total cost for stamp duty and registration fee would be Rs 54,450. It is important to note that 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 detailed calculations.

Which Sub Registrar Office covers New Star Garden?

The Sub Registrar Office that covers New Star Garden is 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 Theerthangiriyampattu

The guideline value plays a crucial role in the registration process when buying or selling property in Theerthangiriyampattu. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately for taxation purposes.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. These fees are based on the higher of the guideline value or the actual sale price, thereby ensuring that the government receives its due revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Star Garden?

The current guideline value of New Star Garden is Rs 605 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 550 per sq.ft in 2012 to Rs 368 per sq.ft in 2017, then increased to Rs 550 per sq.ft in 2023, and finally to Rs 605 per sq.ft in 2024.

What is the land classification for New Star Garden?

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

Where is the Redhills Sub Registrar Office located?

The Redhills Sub Registrar Office is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How are stamp duty and registration fees calculated?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, for a 1,000 sq.ft plot at Rs 605 per sq.ft, the total cost would be Rs 54,450.