Guideline Value for New Star City II

New Star City II guideline value

The current guideline value of New Star City II, located in Vadakarai village under the Redhills SRO, is Rs 550 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class II Type - I land classification.

How the guideline value of New Star City II has changed

The guideline value for New Star City II has undergone several revisions over the years. The earliest recorded revision was in 2012, where the guideline value was Rs 500 per sq.ft. This was followed by a decrease to Rs 335 per sq.ft in 2017. The value then increased significantly to Rs 500 per sq.ft in 2023 before reaching the current figure of Rs 550 per sq.ft in 2024.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a substantial increase of 49%. The change from 2023 to 2024 reflects a 10% increase. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Vadakarai

In Vadakarai, there are 15 streets under the Redhills SRO that have a 2024 guideline value ranging from Rs 440 to Rs 1,100 per sq.ft, with a median value of Rs 660 per sq.ft. The guideline value for New Star City II at Rs 550 per sq.ft is below this median.

• New Star City 1: Rs 660 per sq.ft (2024)
• New Star City: 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 II

For a 1,000 sq.ft plot at the current guideline value of Rs 550 per sq.ft, the total guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, bringing the total cost for these fees to Rs 49,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Star City II?

The Sub Registrar Office that covers New Star City II is 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 details.

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 property registration.

When a property is sold, the guideline value helps ensure that the transaction is recorded accurately and that the appropriate taxes are collected based on the value of the property. This process aids in maintaining transparency and accountability in real estate transactions.

Frequently asked questions

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

The current guideline value of New Star City II is Rs 550 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 2012 to Rs 335 per sq.ft in 2017, then to Rs 500 per sq.ft in 2023, and finally to Rs 550 per sq.ft in 2024.

What is the land classification of New Star City II?

New Star City II falls under the Residential Class II Type - I land classification.

What is the stamp duty for property in New Star City II?

The stamp duty for property in New Star City II is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for New Star City II located?

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