Guideline Value for NEW STREET

New Street guideline value

The current guideline value of New Street in Puliyur village, under the Kodambakkam SRO, is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of New Street has changed

The guideline value for New Street has seen several revisions over the years. In 2002, the value was Rs 857 per sq.ft, which increased to Rs 941 per sq.ft in 2003. Following this, there was a rise to Rs 1,200 per sq.ft in 2007, marking a 28% increase from the previous revision. The value remained at Rs 4,600 per sq.ft from 2012 until 2023, with no figure available for the year 2017. The most recent revision in 2024 set the value at Rs 5,000 per sq.ft, reflecting a 9% increase from the 2023 figure of Rs 4,600 per sq.ft.

Overall, from 2002 to 2024, the guideline value has increased by 483%. The stable figure of Rs 4,600 per sq.ft from 2012 to 2023 indicates no change during that period, while the substantial rise from Rs 1,200 per sq.ft in 2007 to Rs 4,600 per sq.ft in 2012 shows a significant increase of 283% within five years.

Guideline values in Puliyur

In Puliyur village, there are 648 streets under the Kodambakkam SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 14,300 per sq.ft. The median value for these streets is Rs 5,800 per sq.ft, positioning New Street's 2024 figure below this median.

• New Vellala Street: Rs 5,300 per sq.ft (2024)
• New West Street: Rs 4,400 per sq.ft (2024)
• N.G.O. Colony 1st Cross Street: Rs 5,000 per sq.ft (2024)
• N.G.O. Colony 1st Main Road(Choolaimedu): Rs 5,300 per sq.ft (2024)
• N.G.O. Colony 1 St Street (Vadapalani): Rs 5,000 per sq.ft (2024)
• N.G.O. Colony 2nd Cross Street (Choolaimedu): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, bringing the total fees together to Rs 4,50,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating your fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Street?

The Sub Registrar Office that covers New Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more details.

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

The guideline value is a crucial factor in property transactions in Puliyur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must refer to the guideline value to ensure compliance with the legal requirements when formalizing property transfers.

When purchasing a property, the guideline value helps to establish a fair basis for the transaction. It is essential for buyers to be aware of the guideline value to avoid discrepancies during registration and ensure that they are paying the correct amount for stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 5,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 857 per sq.ft in 2002 to Rs 5,000 per sq.ft in 2024, showing an overall increase of 483% across the revisions.

What is the land classification of New Street?

New Street is classified as Residential Class III Type - I under the Kodambakkam SRO.

What is the registration office for New Street?

The registration office for New Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is stamp duty calculated for properties in New Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 50,00,000 would incur a stamp duty of Rs 3,50,000 at 7%.