Guideline Value for New Street

New Street guideline value

The current guideline value of New Street, located in Adayar village under the Adayar SRO, is Rs 6,100 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I 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 earliest recorded figure is from 2007, which was Rs 2,000 per sq.ft. This increased significantly to Rs 5,500 per sq.ft in 2012, marking a rise of 175%. However, the value then decreased to Rs 3,685 per sq.ft in 2017, a drop of 33%. The value saw a substantial increase to Rs 5,500 per sq.ft in 2023, followed by another increase to the current rate of Rs 6,100 per sq.ft in 2024, which is an 11% rise.

There are no recorded figures for New Street in the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 205%.

Guideline values in Adayar

In Adayar, there are 92 streets under the Adayar SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft. The median value is Rs 6,100 per sq.ft, which is equal to the guideline value of New Street.

• Nethaji Street: Rs 5,000 per sq.ft (2024)
• Narasimma Pillai Street: Rs 5,000 per sq.ft (2024)
• Naidu Street Balakrishnan Lane: Rs 5,500 per sq.ft (2024)
• Naidu Street and 4th Main Road Extension (Kottur Garden): Rs 9,400 per sq.ft (2024)
• Naidu Street: Rs 9,400 per sq.ft (2024)
• Naidu Lane 2nd Street: Rs 6,100 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 6,100 per sq.ft, the total guideline value would be Rs 61,00,000. The stamp duty at 7% would be Rs 4,27,000, and the registration fee at 2% would be Rs 1,22,000, bringing the total to Rs 5,49,000. 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 that covers New Street is the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Adayar. It is used to determine the stamp duty and registration fees applicable on the transaction. Buyers must ensure that they are aware of the current guideline value to avoid any discrepancies during registration.

When a property is sold, the guideline value is considered to ensure that the transaction reflects a fair value for tax purposes. It is essential for both buyers and sellers to understand the guideline value to facilitate a smooth registration process.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 6,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 6,100 per sq.ft in 2024, reflecting an overall increase of 205%.

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

For a property valued at Rs 61,00,000, the stamp duty would be Rs 4,27,000 and the registration fee would be Rs 1,22,000, totaling Rs 5,49,000.

Which office handles the registration for New Street?

The Adayar Sub Registrar Office handles the registration for New Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

Where can I find more information about guideline values in Adayar?

More information about guideline values in Adayar can be found by exploring the various streets listed under the Adayar SRO, which includes detailed rates and classifications.