Guideline Value for New Pensioners Lane

New Pensioners Lane guideline value

The current guideline value of New Pensioners Lane is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Tondaiarpet village under the Royapuram SRO and is classified as Residential Class I Type - I.

How the guideline value of New Pensioners Lane has changed

In the 2007 revision, the guideline value was Rs 800 per sq.ft. This figure saw a significant increase to Rs 2,000 per sq.ft in the 2023 revision, marking a 150% rise. The most recent revision in 2024 further increased the value to Rs 2,200 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 175%. The register has no figures for the years 2002, 2003, 2012, and 2017 for this street.

Guideline values in Tondaiarpet

In Tondaiarpet, there are 1,384 streets under the Royapuram SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 10,100 per sq.ft. The median value is Rs 1,600 per sq.ft, placing New Pensioners Lane above this median.

• New Sastri Nagar: Rs 1,300 per sq.ft (2024)
• New Soliappan Street: Rs 2,200 per sq.ft (2024)
• New Labour Lane: Rs 1,300 per sq.ft (2024)
• New Kamaraj Nagar 5th Street: Rs 1,300 per sq.ft (2024)
• New Kamaraj Nagar 5th Cross Street: Rs 1,300 per sq.ft (2024)
• New Kamaraj Nagar 4th Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in New Pensioners Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. 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 Pensioners Lane?

The Sub Registrar Office covering New Pensioners Lane is the Royapuram Sub Registrar Office, located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process for property transactions in Tondaiarpet. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property being transacted. It serves as a benchmark for assessing the worth of the property in the eyes of the law.

Frequently asked questions

What is the current guideline value of New Pensioners Lane?

The current guideline value of New Pensioners Lane is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since the 2007 revision, the guideline value has increased by 175%, from Rs 800 per sq.ft to Rs 2,200 per sq.ft in 2024.

What is the land classification of New Pensioners Lane?

New Pensioners Lane is classified as Residential Class I Type - I.

Where is the Royapuram Sub Registrar Office located?

The Royapuram Sub Registrar Office is located at 535, Tondaiyarpet High Road, Near Maharani Theatre, Chennai 600021.

How is the stamp duty calculated for property in New Pensioners Lane?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.