Guideline Value for NEW STREET

New Street guideline value

The current guideline value of New Street in Purasaivakkam village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Purasaivakkam Sub Registrar Office (SRO) and 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 2007, the value was Rs 1,800 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in 2012, marking a rise of 178%. However, it then decreased to Rs 3,350 per sq.ft in 2017, a decline of 33%. The value continued to increase, reaching Rs 5,000 per sq.ft in 2023, and finally rising to Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Notably, there are no figures available in the register for the years 2002 and 2003 for New 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, with 2024 guideline values ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the guideline value of New Street for 2024.

• New Street 1st Lane: Rs 5,500 per sq.ft (2024)
• New Street 2nd Lane: Rs 5,500 per sq.ft (2024)
• New Street 3rd 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 Secretariat Colony: Rs 7,100 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 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total fees together to 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. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Street?

The Sub Registrar Office that covers 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 Purasaivakkam

The guideline value is a crucial factor in property transactions in Purasaivakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value ensures that the government receives appropriate revenue from property transactions.

When you register a property, the guideline value is compared with the sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring that the transaction is recorded accurately and fairly in the official records.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street 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 stamp duty and registration fees for property in New Street?

For a 1,000 sq.ft plot at the current guideline value, the total fees would be Rs 4,95,000, which includes stamp duty and registration fees based on the guideline value.

Which Sub Registrar Office covers New Street?

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

What is the land classification of New Street?

New Street is classified as Residential Class III Type - I, indicating its use for residential purposes.