Guideline Value for New Pedda Street

New Pedda Street guideline value

The current guideline value of New Pedda Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of New Pedda Street has changed

In the 2012 revision, the guideline value was Rs 2,500 per sq.ft. This figure decreased to Rs 1,675 per sq.ft in the 2017 revision, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly to Rs 2,500 per sq.ft, representing a 49% rise. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, which is a 10% increase from the previous year.

The register has no figures for the years 2002, 2003, and 2007 for New Pedda Street. Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, placing New Pedda Street's 2024 figure below that median.

• New Padda Lane: Rs 2,750 per sq.ft (2024)
• Nethaji Street: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar Main Road: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 2nd Street: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 2nd Lane: Rs 3,100 per sq.ft (2024)
• Nethaji Nagar 1st Street: Rs 3,100 per sq.ft (2024)

Stamp duty and registration fee for property in New Pedda Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total Rs 2,47,500. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Pedda Street?

The Sub Registrar Office that covers New Pedda Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Ramapuram, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

When registering a property, 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 taxes on property transactions.

Frequently asked questions

What is the current guideline value of New Pedda Street?

The current guideline value of New Pedda Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes: from Rs 2,500 in 2012 to Rs 1,675 in 2017, then up to Rs 2,500 in 2023, and finally to Rs 2,750 in 2024.

What is the land classification for New Pedda Street?

New Pedda Street is classified as Residential Class II Type - II, which indicates its use for residential purposes.

What is the registration office for New Pedda Street?

The registration office for New Pedda Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000.