Guideline Value for NEW STREET 5TH LANE

New Street 5th Lane guideline value

The current guideline value of New Street 5th Lane is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO, and is classified as Residential Class III Type - I.

How the guideline value of New Street 5th Lane has changed

The guideline value for New Street 5th Lane has seen several revisions over the years. In 2007, the guideline 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 drop of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, and finally reached Rs 5,500 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

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 have 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 the same as the guideline value for New Street 5th Lane.

• New Street 4th Lane: Rs 5,500 per sq.ft (2024)
• New Street 3rd Lane: Rs 5,500 per sq.ft (2024)
• New Street 2nd 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 5th 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, resulting in a total of Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Street 5th Lane?

The Sub Registrar Office that covers New Street 5th Lane is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Purasaivakkam. It determines the minimum value at which properties can be registered, ensuring that the government receives the appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value serves as a reference point for both buyers and sellers. It is essential to be aware of the current guideline value to ensure compliance with local regulations and to understand the financial implications of the transaction.

Frequently asked questions

What is the current guideline value of New Street 5th Lane?

The current guideline value of New Street 5th 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, reflecting an overall increase of 206% over the years.

What are the other streets in Purasaivakkam with the same guideline value?

Other streets in Purasaivakkam with the same guideline value of Rs 5,500 per sq.ft include New Street 1st Lane, New Street 2nd Lane, New Street 3rd Lane, New Street 4th Lane, and New Street.

What is the registration fee for a property in New Street 5th Lane?

The registration fee for a property in New Street 5th Lane is calculated at 2% of the guideline value, which would be Rs 1,10,000 for a 1,000 sq.ft plot at the current rate.

Where is the Sub Registrar Office for New Street 5th Lane located?

The Sub Registrar Office for New Street 5th Lane is located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.