Guideline Value for New Street

New Street guideline value

The current guideline value of New Street in Alandur village, under the Alandur SRO, is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of New Street has changed

The guideline value of New Street has undergone several revisions since 2002. The figures are as follows: in 2002, the value was Rs 369 per sq.ft, which increased to Rs 401 per sq.ft in 2003. The value saw a significant rise to Rs 2,000 per sq.ft in 2007, followed by a jump to Rs 5,000 per sq.ft in 2012. However, it decreased to Rs 3,350 per sq.ft in 2017. The value then rose to Rs 5,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 5,500 per sq.ft.

Between the revisions, the changes are as follows: from 2002 to 2003, there was an increase of 9%. From 2003 to 2007, the value increased by 399%. The 2007 to 2012 period saw a decrease of 33%. The value then increased by 49% from 2017 to 2023, and from 2023 to 2024, it rose by 10%. Overall, from 2002 to 2024, the guideline value has increased by 1391%. There are no revisions with no figure for this street.

Guideline values in Alandur

Alandur village has 40 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 3,900 to Rs 11,000 per sq.ft. The median value is Rs 5,000 per sq.ft, placing New Street's 2024 figure above that median.

• Nathatchupethar Street: Rs 4,400 per sq.ft (2024)
• Mukthamji Street: Rs 5,500 per sq.ft (2024)
• M.K.N ROAD (mount sub way to cement road): Rs 6,600 per sq.ft (2024)
• Mathavapuram West Street: Rs 5,000 per sq.ft (2024)
• Mathavapuram South Street: Rs 5,000 per sq.ft (2024)
• Mathavapuram North 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 rate of Rs 5,500 per sq.ft, the guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. 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 Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Alandur. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. The guideline value serves as a benchmark for assessing the value of the property being registered.

When a property is sold, the buyer must pay the stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the market.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various revisions, starting from Rs 369 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1391% over that period.

What is the land classification for New Street?

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

Where can I find the Alandur Sub Registrar Office?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in New Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at a rate of 7%.