Guideline Value for NEW STREET 2ND LANE

New Street 2nd Lane guideline value

The current guideline value of New Street 2nd 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 2nd Lane has changed

The guideline value for New Street 2nd Lane has seen several revisions over the years. In 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 3,350 per sq.ft in 2017. The value then rose to Rs 5,000 per sq.ft in 2023, and currently stands at Rs 5,500 per sq.ft from the 2024 revision. The change from 2023 to 2024 reflects an increase of 10%, while the jump from 2017 to 2023 shows a substantial rise of 49%. Overall, from 2007 to 2024, the guideline value has increased by 206%.

The register does not have figures for the years 2002 and 2003 for this street. The fluctuations in the guideline value highlight the changes in property valuation over the years, with significant increases noted particularly from 2007 to 2012 and from 2017 to 2023.

Guideline values in Purasaivakkam

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

• New Street 1st Lane: Rs 5,500 per sq.ft (2024)
• New Street 3rd Lane: Rs 5,500 per sq.ft (2024)
• New Street: 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 2nd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that 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 Street 2nd Lane?

The Sub Registrar Office that covers New Street 2nd Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. For more information, you can find your SRO.

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

The guideline value is a crucial factor when registering a property in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must be aware of the current guideline value to ensure compliance with the registration process.

When a property is sold, the guideline value is used to assess the minimum value for taxation purposes. This means that even if the sale price is lower, the stamp duty will be calculated based on the guideline value, ensuring that the state collects the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Street 2nd Lane?

The current guideline value of New Street 2nd 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, showing an overall increase of 206% over the years.

What is the land classification for New Street 2nd Lane?

The land classification for New Street 2nd Lane is Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot would incur a total fee of Rs 4,95,000 based on the current guideline value.

Where can I find the Sub Registrar Office for New Street 2nd Lane?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. This office handles the registration of properties in the area.