Guideline Value for New Street 3rd Lane

New Street 3rd Lane guideline value

The current guideline value of New Street 3rd Lane in Ayanavaram village, under the AnnaNagar SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of New Street 3rd Lane has changed

The guideline value for New Street 3rd Lane has seen significant changes over the years. In 2003, the value was Rs 566 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a 77% rise. The value then surged to Rs 4,000 per sq.ft in 2012, reflecting a substantial 300% increase. However, it dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 4,000 per sq.ft in 2023, and as of the latest revision in 2024, it stands at Rs 4,400 per sq.ft, an increase of 10% from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 677%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Ayanavaram

In Ayanavaram, there are 369 streets under the AnnaNagar SRO with a 2024 guideline value ranging from Rs 2,700 to Rs 20,000 per sq.ft. The median value is Rs 4,900 per sq.ft, indicating that the guideline value of New Street 3rd Lane is below this median.

• New Street 2nd Lane: Rs 4,400 per sq.ft (2024)
• New Street 4th Lane: Rs 4,400 per sq.ft (2024)
• New Street Ist Lane: Rs 4,400 per sq.ft (2024)
• New Street: Rs 4,400 per sq.ft (2024)
• New Mandapam Road: Rs 4,400 per sq.ft (2024)
• New Colony (V.O.C.)Ist Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Street 3rd Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for these fees would be Rs 3,96,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Street 3rd Lane?

The Sub Registrar Office that covers New Street 3rd Lane is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Ayanavaram. It is used to determine the stamp duty and registration fees when a property is bought or sold. Buyers and sellers must be aware of the current guideline value to ensure they are paying the correct fees during the registration process.

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

Frequently asked questions

What is the current guideline value of New Street 3rd Lane?

The current guideline value of New Street 3rd Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 566 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 677% over this period.

What are the stamp duty and registration fees for properties in New Street 3rd Lane?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles the registration for New Street 3rd Lane?

The AnnaNagar Sub Registrar Office handles the registration for New Street 3rd Lane, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification for New Street 3rd Lane?

New Street 3rd Lane is classified as Residential Class II Type - I, indicating its designation for residential use within the area.