Guideline Value for NEW SUN GARDEN

New Sun Garden guideline value

The current guideline value of New Sun Garden, located in Sholavaram village under the Redhills SRO, is Rs 550 per sq.ft, effective from 1 July 2024. This property falls under the Residential Class III Type - I land classification.

How the guideline value of New Sun Garden has changed

The guideline value for New Sun Garden has seen significant changes over the years. In the 2017 revision, the value was set at Rs 335 per sq.ft, which increased to Rs 500 per sq.ft in the 2023 revision. The current value of Rs 550 per sq.ft in the 2024 revision represents a 10% increase from the previous year. Overall, from 2017 to 2024, the guideline value has risen by 64%.

It is important to note that there are no figures available for the years 2002, 2003, 2007, and 2012 in the register for this street. The increase from 2017 to 2023 was 49%, indicating a substantial rise in the guideline value during that period.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft. The median guideline value for these streets is Rs 660 per sq.ft, placing New Sun Garden's 2024 figure below that median.

• New Sun City Phase - IV: Rs 770 per sq.ft (2024)
• New Sun City Phase - I: Rs 550 per sq.ft (2024)
• New Sun City Elite: Rs 1,650 per sq.ft (2024)
• New Sun City Annexe-III: Rs 1,005 per sq.ft (2024)
• New Sun City Annexe-II: Rs 1,005 per sq.ft (2024)
• New Sun City Annex: Rs 1,005 per sq.ft (2024)

Stamp duty and registration fee for property in New Sun Garden

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Sun Garden?

The Sub Registrar Office that covers New Sun Garden is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sholavaram. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented accurately for legal purposes.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Sun Garden?

The current guideline value of New Sun Garden is Rs 550 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 335 per sq.ft to Rs 550 per sq.ft in 2024, marking a total increase of 64% over this period.

What are the stamp duty and registration fees for New Sun Garden?

For a property valued at Rs 5,50,000, the stamp duty would be Rs 38,500 and the registration fee would be Rs 11,000, totaling Rs 49,500.

Which Sub Registrar Office is responsible for New Sun Garden?

The Redhills Sub Registrar Office is responsible for New Sun Garden, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What is the median guideline value for streets in Sholavaram?

The median guideline value for streets in Sholavaram is Rs 660 per sq.ft, with New Sun Garden's value being below this median at Rs 550 per sq.ft.