Guideline Value for New Mahaveer Garden

New Mahaveer Garden guideline value

The current guideline value of New Mahaveer Garden is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Puzhal village, under the Redhills SRO, and is classified as Residential Class II Type - I.

How the guideline value of New Mahaveer Garden has changed

The guideline value for New Mahaveer Garden has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 1,100 per sq.ft, up from Rs 1,000 per sq.ft in 2023, marking a 10% increase. Prior to that, in 2017, the value was significantly lower at Rs 536 per sq.ft, which means there was an 87% increase from 2017 to 2023. In 2012, the guideline value was Rs 800 per sq.ft, indicating a decrease of 33% to the 2017 figure.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 38% from Rs 800 to Rs 1,100 per sq.ft.

Guideline values in Puzhal

Puzhal village has a total of 270 streets under the Redhills SRO with the 2024 guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this area is Rs 1,102 per sq.ft, placing New Mahaveer Garden's 2024 value slightly below the median.

• New Sakthivel Garden: Rs 1,100 per sq.ft (2024)
• New Krishna Nagar: Rs 1,102 per sq.ft (2024)
• New Adhinath Colony: Rs 1,102 per sq.ft (2024)
• Nethaji Subhash Chandrabose Street: Rs 1,650 per sq.ft (2024)
• Nethaji Subash Chandra Bose Nagar: Rs 1,650 per sq.ft (2024)
• N.S.K. Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in New Mahaveer Garden

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total cost for these fees Rs 99,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Mahaveer Garden?

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

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

The guideline value is a crucial factor in the registration process of property transactions in Puzhal. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value set by the government.

When buying or selling property, the guideline value must be considered as it influences the overall costs involved in the transaction. Buyers and sellers should be aware of the current guideline value to avoid any surprises during the registration process.

Frequently asked questions

What is the current guideline value of New Mahaveer Garden?

The current guideline value of New Mahaveer Garden is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2012 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 38%. The value was Rs 536 per sq.ft in 2017 and Rs 1,000 per sq.ft in 2023.

What is the stamp duty for property in New Mahaveer Garden?

The stamp duty for property in New Mahaveer Garden is 7% of the guideline value or the sale price, whichever is higher. For a plot valued at Rs 11,00,000, the stamp duty would be Rs 77,000.

Which Sub Registrar Office covers New Mahaveer Garden?

The Redhills Sub Registrar Office covers New Mahaveer Garden. It is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the guideline values of other streets in Puzhal?

Other streets in Puzhal have varying guideline values, ranging from Rs 1,100 to Rs 6,000 per sq.ft. For example, New Sakthivel Garden and New Krishna Nagar both have a guideline value of Rs 1,100 per sq.ft in 2024.