Guideline Value for New Star City

New Star City guideline value

The current guideline value of New Star City in Nelvaai village, under the Arani_Tiruvallur SRO, is Rs 379 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of New Star City has changed

The guideline value for New Star City has seen significant changes over the years. The 2017 revision set the value at Rs 60 per sq.ft, which was a substantial increase from previous revisions, but the register has no figures for the years 2002, 2003, 2007, and 2012. In the 2023 revision, the guideline value rose to Rs 379 per sq.ft, and this figure remained unchanged in the 2024 revision.

From the 2017 revision to the 2023 revision, the guideline value increased by 532%. Overall, from 2017 to 2024, the increase is also 532%, indicating a consistent valuation since 2023.

Guideline values in Nelvaai

Within Nelvaai, the guideline value for New Star City is currently Rs 379 per sq.ft, which is consistent with the values in other streets under the Arani_Tiruvallur SRO. Below are the guideline values for other streets in Nelvaai:

• R.R. Nagar: Rs 379 per sq.ft (2024)

Stamp duty and registration fee for property in New Star City

For a 1,000 sq.ft plot at the current guideline value of Rs 379 per sq.ft, the total guideline value would be Rs 3,79,000. The stamp duty, charged at 7%, would amount to Rs 26,530, while the registration fee at 2% would be Rs 7,580. Together, the total cost for stamp duty and registration fees would be Rs 34,110. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Star City?

The New Star City area is covered by the Arani_Tiruvallur Sub Registrar Office, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101, Chennai registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nelvaai. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared against the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Star City?

The current guideline value of New Star City is Rs 379 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2017?

Since 2017, the guideline value has increased by 532%, rising from Rs 60 per sq.ft to Rs 379 per sq.ft in the 2024 revision.

What are the stamp duty and registration fees for a property in New Star City?

For a 1,000 sq.ft plot at the guideline value of Rs 379 per sq.ft, the total guideline value would be Rs 3,79,000. The stamp duty would be Rs 26,530, and the registration fee would be Rs 7,580, totaling Rs 34,110.

Which Sub Registrar Office covers New Star City?

The Arani_Tiruvallur Sub Registrar Office covers New Star City, located at No.10, S.p Kovil Street, Arani, Ponneri (tk), Thiruvallur (dt) - 601 101.

Are there any other streets with the same guideline value in Nelvaai?

Yes, R.R. Nagar is another street in Nelvaai that has the same guideline value of Rs 379 per sq.ft as New Star City for the year 2024.