Guideline Value for New Street

New Street guideline value

The current guideline value of New Street in Issa Pallavaram village is Rs 4,400 per sq.ft, effective from 1 July 2024. This property falls under the Pallavaram SRO and is classified as Mixed Type - II land.

How the guideline value of New Street has changed

The guideline value for New Street has seen significant changes over the years. In the 2003 revision, the guideline value was Rs 771 per sq.ft. This increased to Rs 900 per sq.ft in 2007, marking a rise of 17%. The value then surged to Rs 4,000 per sq.ft in 2012, reflecting a substantial increase of 344%. However, it dropped to Rs 2,680 per sq.ft in 2017, a decrease of 33%. The value then rose to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in 2024, which is a 10% rise from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 471%. The register has no figure for the year 2002 for this street.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median of Rs 3,300 per sq.ft. New Street's 2024 guideline value of Rs 4,400 per sq.ft is above this median.

• New Colony: Rs 3,850 per sq.ft (2024)
• Old Trank Road: Rs 11,000 per sq.ft (2024)
• Nehru Street: Rs 2,750 per sq.ft (2024)
• Nehru Nagar First Street: Rs 3,850 per sq.ft (2024)
• Ottar Street: Rs 2,200 per sq.ft (2024)
• Narayanaswamy Street: Rs 2,200 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 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. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers New Street?

The Sub Registrar Office covering New Street 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 Issa Pallavaram

The guideline value is a crucial factor when registering property transactions in Issa Pallavaram. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the correct revenue from property sales.

When buying or selling property, the guideline value serves as a benchmark for both parties involved. It helps in establishing a fair price for the property that is in line with government regulations, thus facilitating a smoother transaction process.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street in Issa Pallavaram 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 771 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 471% over this period.

What are the other streets in Issa Pallavaram and their values?

Other streets in Issa Pallavaram include New Colony at Rs 3,850 per sq.ft, Old Trank Road at Rs 11,000 per sq.ft, and Nehru Street at Rs 2,750 per sq.ft, among others.

What are the stamp duty and registration fees for New Street?

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 registrations for New Street?

The Pallavaram Sub Registrar Office handles registrations for New Street, located at 7th Main Road, New Colony, Chromepet, Chennai-600044.