Guideline Value for New Street

New Street guideline value

The current guideline value of New Street in Kottur village, under the Adayar SRO, is Rs 6,100 per sq.ft, effective from 1 July 2024. This area falls under Residential Class III Type - I land classification.

How the guideline value of New Street has changed

The guideline value for New Street has seen significant changes over the years. In the 2002 revision, the value was Rs 461 per sq.ft, which increased to Rs 497 per sq.ft in 2003. Following this, the value rose dramatically to Rs 2,500 per sq.ft in 2007, marking a 403% increase. The 2012 revision saw a decrease to Rs 5,500 per sq.ft, a drop of 33%. The value then rose again to Rs 3,685 per sq.ft in 2017, which was a 49% increase from the previous revision. The 2023 revision set the value at Rs 5,500 per sq.ft, and the most recent 2024 revision has increased it to Rs 6,100 per sq.ft, reflecting an 11% rise.

There are no figures available for the revisions in years other than those mentioned. Overall, the guideline value has increased by 1223% from 2002 to 2024.

Guideline values in Kottur

The village of Kottur has 114 streets under the Adayar SRO that carry 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 the same as the guideline value for New Street.

• Naidu Street Extension: Rs 9,400 per sq.ft (2024)
• Naidu Street Balakrishnan Lane: Rs 5,500 per sq.ft (2024)
• Naidu Street: Rs 9,400 per sq.ft (2024)
• Muthulakshmi Salai (L.B. Road): Rs 12,700 per sq.ft (2024)
• Peeliyamman Koil Street (Yerri Karai Street): Rs 6,100 per sq.ft (2024)
• Perumal Koil 1st Street: Rs 5,000 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 amounts to 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 higher of the guideline value or the sale price. 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 Kottur

The guideline value is an essential factor in property transactions in Kottur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with local regulations.

When a property is sold, the guideline value helps establish the minimum value for taxation purposes. It is crucial for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration of the property.

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 increased significantly from Rs 461 per sq.ft in 2002 to Rs 6,100 per sq.ft in 2024, with various revisions in between.

What is the land classification for New Street?

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

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

The Adayar Sub Registrar Office, which covers New Street, is located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

How is stamp duty calculated for properties in Kottur?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.