Guideline Value for NEW STREET 1ST LANE

New Street 1st Lane guideline value

The current guideline value of New Street 1st Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the Purasaivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of New Street 1st Lane has changed

Over the years, the guideline value of New Street 1st Lane has seen several revisions. The 2007 revision set the value at Rs 1,800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 178%. However, the value then dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. The 2023 revision brought it back up to Rs 5,000 per sq.ft, and the latest revision in 2024 has further increased it to Rs 5,500 per sq.ft, reflecting a growth of 10% from the previous year.

From 2017 to 2023, the value increased by 49%. Overall, from 2007 to 2024, the guideline value has risen by 206%. It is important to note that the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median guideline value is Rs 5,500 per sq.ft, which is equal to the current value of New Street 1st Lane.

• New Street: Rs 5,500 per sq.ft (2024)
• New Street 2nd Lane: Rs 5,500 per sq.ft (2024)
• New Street 3rd Lane: Rs 5,500 per sq.ft (2024)
• New Street 4th Lane: Rs 5,500 per sq.ft (2024)
• New Street 5th Lane: Rs 5,500 per sq.ft (2024)
• New Secretariat Colony: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in New Street 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total cost Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Street 1st Lane?

The Sub Registrar Office that covers New Street 1st Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Purasaivakkam. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value ensures that the transaction is recorded at a fair price, reflecting the area's real estate market.

During the registration process, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the actual sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Street 1st Lane?

The current guideline value of New Street 1st Lane is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 206% over the years.

What are the stamp duty and registration fees for property in New Street 1st Lane?

For a 1,000 sq.ft plot, the total guideline value is Rs 55,00,000. The stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office covers New Street 1st Lane?

The Sub Registrar Office covering New Street 1st Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

Where can I find more information about guideline values in Purasaivakkam?

More information about guideline values in Purasaivakkam can be found through the Registration Department's guideline value register and by visiting the Purasaivakkam SRO.