Guideline Value for NEW STREET

New Street guideline value

The current guideline value of New Street in Perambur village, under the Purasaivakkam SRO, is Rs 3,800 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II Type - II.

How the guideline value of New Street has changed

The guideline value of New Street has undergone several revisions since 2002. The values started at Rs 509 per sq.ft in 2002, increasing to Rs 558 per sq.ft in 2003, marking a 10% rise. The value then saw a significant increase to Rs 800 per sq.ft in 2007, which was a 43% increase. Following this, the value surged to Rs 3,500 per sq.ft in 2012, reflecting a remarkable 338% growth.

In 2017, the guideline value decreased to Rs 2,345 per sq.ft, a reduction of 33%. However, from 2017 to 2024, the value increased by 62%, reaching the current rate of Rs 3,800 per sq.ft. It is important to note that there is no figure available for the year 2023 in the register for this street.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value range from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value in this area is Rs 2,700 per sq.ft, placing New Street's 2024 figure above this median.

• New Vazhaima Nagar: Rs 2,700 per sq.ft (2024)
• New Vazhaima Nagar 1st Cross Street: Rs 2,700 per sq.ft (2024)
• New Vazhaima Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• New Vazhaima Nagar 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• New Vazhaima Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• New Vazhaima Nagar 3rd Cross Street: Rs 2,700 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 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total to Rs 3,42,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers New Street?

The Sub Registrar Office covering New Street 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 Perambur

The guideline value is a crucial factor in property transactions in Perambur, as it determines the minimum value for registration purposes. When buying or selling property, the guideline value ensures that the transaction is registered at a value that reflects the official rates set by the government.

During the registration process, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 509 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, showing an overall increase of 647% over the years.

What is the land classification for New Street?

New Street is classified as Residential Class II Type - II, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in New Street?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles property registrations for New Street?

The Purasaivakkam Sub Registrar Office handles property registrations for New Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.