Guideline Value for New Plot Division

New Plot Division guideline value

The current guideline value for New Plot Division in Chitlapakkam village is Rs 1,100 per sq.ft, effective from 1 July 2024. This area falls under the Tambaram Joint 1 SRO and is classified as Residential Class II Type - II.

How the guideline value of New Plot Division has changed

The guideline value for New Plot Division has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,000 per sq.ft, and the latest revision in 2024 has set it at Rs 1,100 per sq.ft.

From 2017 to 2023, the value increased by 49%, while the change from 2023 to 2024 represents a 10% increase. Overall, when comparing the 2012 revision to the current 2024 figure, there has been a 10% increase. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,800 per sq.ft, with a median value of Rs 1,650 per sq.ft. The guideline value for New Plot Division is below this median.

• New Plot Extension Road: Rs 1,100 per sq.ft (2024)
• Nisha Avenue: Rs 3,300 per sq.ft (2024)
• Nisha Avenue Extention-1: Rs 3,520 per sq.ft (2024)
• Nethaji subash santhiraposh street: Rs 1,100 per sq.ft (2024)
• Neru street (M.G.R Nagar 1st kulakkarai street varai): Rs 1,100 per sq.ft (2024)
• Nelson Mandela Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in New Plot Division

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 amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers New Plot Division?

The New Plot Division is covered by the Tambaram Joint 1 Sub Registrar Office located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

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

When buying or selling property, it is essential to consider the guideline value, as it influences the overall costs involved in the transaction. Buyers should be aware that the guideline value may differ from the sale price, but the higher amount will be used for calculating the applicable duties and fees.

Frequently asked questions

What is the current guideline value for New Plot Division?

The current guideline value for New Plot Division in Chitlapakkam 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 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, then increased to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the median guideline value in Chitlapakkam?

The median guideline value for streets in Chitlapakkam is Rs 1,650 per sq.ft, while New Plot Division's value is below this median at Rs 1,100 per sq.ft.

What fees are associated with property registration in New Plot Division?

For a property valued at Rs 11,00,000, the stamp duty is Rs 77,000, and the registration fee is Rs 22,000, totaling Rs 99,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for New Plot Division?

The Tambaram Joint 1 Sub Registrar Office, which covers New Plot Division, is located at No.26, Mes Road, East Tambaram, Chennai-600059. You can find more information by visiting the relevant link.