Guideline Value for NEW STREET 3RD LANE

New Street 3rd Lane guideline value

The current guideline value of New Street 3rd Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village and falls under the jurisdiction of the Purasaivakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of New Street 3rd Lane has changed

The guideline value for New Street 3rd Lane has undergone 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, marking an increase of 178%. However, from 2012 to 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, reflecting a 49% increase. The most recent revision in 2024 set the guideline value at Rs 5,500 per sq.ft, 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 2007 to 2024, the guideline value has increased by 206%.

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 guideline value is Rs 5,500 per sq.ft, which is equal to the current value for New Street 3rd Lane.

• New Street 2nd 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 Street 1st Lane: Rs 5,500 per sq.ft (2024)
• New Street: 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 3rd 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 is charged at 7%, which totals Rs 3,85,000, and the registration fee is charged at 2%, amounting to Rs 1,10,000. Together, the total cost for stamp duty and registration fees would be Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Street 3rd Lane?

The Sub Registrar Office that covers New Street 3rd 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 crucial factor when buying or selling property in Purasaivakkam. It serves as a benchmark for determining the minimum price at which a property can be sold and is used to calculate stamp duty and registration fees during the transaction process.

When registering a property, the guideline value ensures that the transaction is recorded at a fair value, which helps maintain transparency in property dealings. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations during property transactions.

Frequently asked questions

What is the current guideline value of New Street 3rd Lane?

The current guideline value of New Street 3rd 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, with various increases and decreases across the years.

What is the land classification for New Street 3rd Lane?

The land classification for New Street 3rd Lane is Residential Class III Type - I.

Where can I find the Purasaivakkam Sub Registrar Office?

The Purasaivakkam Sub Registrar Office is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in New Street 3rd Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.