Guideline Value for New Star City 1

New Star City 1 guideline value

The current guideline value of New Star City 1 is Rs 660 per sq.ft, effective from 1 July 2024. This property is located in Vadakarai village under the Redhills SRO, classified as Residential Class I Type - I.

How the guideline value of New Star City 1 has changed

The guideline value for New Star City 1 has undergone several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased to Rs 600 per sq.ft in 2012, marking a 20% rise. However, between 2012 and 2017, the value decreased by 33% to Rs 402 per sq.ft. The 2023 revision saw a significant increase of 49%, bringing the value to Rs 600 per sq.ft, and the latest 2024 revision raised it further to Rs 660 per sq.ft, reflecting a 10% increase.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 32%.

Guideline values in Vadakarai

In Vadakarai village, there are 15 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft. The median value is Rs 660 per sq.ft, which is the same as the guideline value for New Star City 1.

• New Star City: Rs 550 per sq.ft (2024)
• New Star City II: Rs 550 per sq.ft (2024)
• New Sun City: Rs 440 per sq.ft (2024)
• Madhavaram Redhills High Road: Rs 1,100 per sq.ft (2024)
• School Street: Rs 660 per sq.ft (2024)
• Sri Devi Karumari Amman Nagar: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in New Star City 1

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value amounts to Rs 6,60,000. The stamp duty at 7% would be Rs 46,200, and the registration fee at 2% would be Rs 13,200, bringing the total cost for these fees to Rs 59,400. 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 Star City 1?

The New Star City 1 property falls under the jurisdiction of 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 Vadakarai

The guideline value is a crucial factor in the registration process when buying or selling property in Vadakarai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration.

When a property is sold, the guideline value ensures that the transaction is recorded accurately, reflecting the official value of the property. Buyers and sellers should be aware of these values to ensure compliance with local regulations during the registration process.

Frequently asked questions

What is the current guideline value of New Star City 1?

The current guideline value of New Star City 1 is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 32% over the years.

What is the registration office for New Star City 1?

The registration office for New Star City 1 is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the stamp duty and registration fees for New Star City 1?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty is Rs 46,200 and the registration fee is Rs 13,200, totaling Rs 59,400.

How does the guideline value affect property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It ensures that the property is valued accurately for registration purposes.