Guideline Value for New Street Nagar

New Street Nagar guideline value

The current guideline value of New Street Nagar, located in Hastinapuram village under the Pallavaram SRO, is Rs 2,970 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of New Street Nagar has changed

The guideline value for New Street Nagar has seen significant changes over the years. In 2007, the value was Rs 400 per sq.ft, which rose dramatically to Rs 2,700 per sq.ft in 2012, marking an increase of 575%. However, between 2012 and 2017, the value decreased to Rs 1,809 per sq.ft, a decline of 33%. The value then increased again to Rs 2,700 per sq.ft in 2023, which was a substantial 49% increase from the previous revision. The current value of Rs 2,970 per sq.ft in 2024 reflects a 10% increase from 2023.

It is important to note that the register does not have figures for the years 2002 and 2003 for this street. The overall increase from the 2007 revision to the 2024 revision is 643%, showcasing the fluctuations in the guideline value over the years.

Guideline values in Hastinapuram

In Hastinapuram, there are 277 streets under the Pallavaram SRO that carry a 2024 guideline value, ranging from Rs 1,650 to Rs 4,400 per sq.ft. The median guideline value is Rs 2,970 per sq.ft, which is the same as the current value for New Street Nagar.

• N.G.O. Colony: Rs 2,970 per sq.ft (2024)
• North Mosque Street: Rs 1,650 per sq.ft (2024)
• Nethaji Nagar 3rd Cross Street: Rs 2,380 per sq.ft (2024)
• Nethaji Nagar 2nd Cross Street: Rs 2,380 per sq.ft (2024)
• Nethaji Nagar 1st Cross Street: Rs 2,380 per sq.ft (2024)
• Nethaji Nagar: Rs 2,380 per sq.ft (2024)

Stamp duty and registration fee for property in New Street Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, bringing the total to Rs 2,67,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Street Nagar?

The Sub Registrar Office that covers New Street Nagar is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Hastinapuram. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly affects the costs involved in the transaction. Buyers should ensure that they are prepared to pay the necessary fees based on the guideline value to avoid any complications during the registration process.

Frequently asked questions

What is the current guideline value of New Street Nagar?

The current guideline value of New Street Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 400 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, which is an overall increase of 643%.

What is the land classification of New Street Nagar?

New Street Nagar falls under the Residential Class I Type - I land classification.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the stamp duty calculated for properties in New Street Nagar?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 2,07,900 based on the current guideline value.