Guideline Value for NEW STREET

New Street guideline value

The current guideline value of New Street in Sholinganallur - 1 village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Neelankarai SRO and is classified as Residential Class II Type - III.

How the guideline value of New Street has changed

The guideline value for New Street has undergone significant changes over the years. The 2017 revision set the value at Rs 1,340 per sq.ft. Following this, the 2024 revision raised the guideline value to Rs 2,200 per sq.ft, marking an increase of 64% from the previous revision.

For the years 2023, 2012, 2007, 2003, and 2002, the register has no figure for New Street. Thus, the only revisions with recorded values are from 2017 and 2024.

Guideline values in Sholinganallur - 1

In Sholinganallur - 1, there are 754 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft, with the median being Rs 2,200 per sq.ft. New Street's current value of Rs 2,200 per sq.ft is equal to this median.

• New Kumaran Nagar (Near Canal): Rs 3,300 per sq.ft (2024)
• New Kumaran Nagar Main Road (Near Canal): Rs 3,300 per sq.ft (2024)
• NEW KUMARAN NAGAR 9th CROSS STREET: Rs 3,300 per sq.ft (2024)
• NEW KUMARAN NAGAR 8th CROSS STREET: Rs 3,300 per sq.ft (2024)
• NEW KUMARAN NAGAR 7th CROSS STREET: Rs 3,300 per sq.ft (2024)
• NEW KUMARAN NAGAR 5th CROSS STREET: Rs 3,300 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 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total of Rs 1,98,000 for these charges. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers New Street?

The Sub Registrar Office that covers New Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. To find your SRO, you can visit find your SRO.

How the guideline value is used when you buy or sell in Sholinganallur - 1

The guideline value plays a crucial role during property registration in Sholinganallur - 1. It is used to determine the stamp duty and registration fees payable when a property is bought or sold, ensuring that the transaction is recorded accurately and legally.

When a buyer or seller engages in a property transaction, the guideline value is considered to ensure compliance with the regulations set by the Registration Department. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since the 2017 revision, the guideline value has increased from Rs 1,340 per sq.ft to Rs 2,200 per sq.ft, which is a change of 64%.

Are there any years with no guideline value for New Street?

Yes, the register has no figure for New Street for the years 2023, 2012, 2007, 2003, and 2002.

What is the registration office for New Street?

The registration office for New Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the guideline value used in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It ensures that the transaction is recorded accurately and complies with the regulations set by the Registration Department.