Guideline Value for New Street,

New Street, guideline value

The current guideline value of New Street, Velachery village, under the Velacheri SRO is Rs 3,850 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - III land classification.

How the guideline value of New Street, has changed

The guideline value for New Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 3,850 per sq.ft, which shows a 10% increase from the 2023 revision of Rs 3,500 per sq.ft. Prior to that, the 2012 revision also recorded the value at Rs 3,500 per sq.ft. The register has no figures for the years 2002, 2003, 2007, and 2017.

Overall, from 2012 to 2024, the guideline value has increased by 10%. This reflects a consistent valuation for the street over the years, with no changes noted between 2012 and 2023.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO, with guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing New Street's 2024 figure below this median.

• New Street, Majit Colony: Rs 4,400 per sq.ft (2024)
• New Secretariate Colony Mohanapurie: Rs 4,400 per sq.ft (2024)
• New Secretariate Colony 6th Street: Rs 4,400 per sq.ft (2024)
• New Secretariate Colony 5th Street: Rs 4,400 per sq.ft (2024)
• New Secretariate Colony 4th Street: Rs 4,400 per sq.ft (2024)
• New Secretariate Colony 3rd Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in New Street,

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, totaling Rs 3,46,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details on fees.

Which Sub Registrar Office covers New Street,?

The Velacheri Sub Registrar Office covers New Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Velachery. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are aligned with the official valuation of the property.

When buying or selling property, it is essential to understand that the guideline value may influence the final sale price. Buyers and sellers should consider this value when negotiating terms and preparing for registration.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. It remained at Rs 3,500 per sq.ft from 2012 to 2023.

What is the land classification for New Street?

New Street falls under the Residential Class II Type - III land classification.

Where can I find the Sub Registrar Office for New Street?

The Sub Registrar Office for New Street is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is charged at 2% of the guideline value. For example, a 1,000 sq.ft property at the current rate would incur a total of Rs 3,46,500 in fees.