Guideline Value for New Street

New Street guideline value

The current guideline value of New Street in Koyakbedu village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the AnnaNagar SRO and is classified as Residential Class I Type - III.

How the guideline value of New Street has changed

The guideline value for New Street has undergone several revisions over the years. In 2007, the value was set at Rs 1,500 per sq.ft, which increased to Rs 3,000 per sq.ft in 2012, marking a 100% rise. However, this was followed by a decrease to Rs 2,010 per sq.ft in 2017, reflecting a 33% drop. The most recent revisions show a significant increase, with the value rising to Rs 3,000 per sq.ft in 2023 and further to Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that the register has no figures for New Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 120%.

Guideline values in Koyakbedu

In Koyakbedu, there are 270 streets under the AnnaNagar SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, placing New Street's 2024 figure below that median.

• North Mada Street (Kurungaleeswarar Koil): Rs 3,800 per sq.ft (2024)
• New Colony: Rs 3,300 per sq.ft (2024)
• Nehru Nagar: Rs 7,700 per sq.ft (2024)
• Palani Andavar Colony: Rs 3,300 per sq.ft (2024)
• Palani Andavar Colony 2nd Street: Rs 3,300 per sq.ft (2024)
• Palani Andavar Colony Ist Street: Rs 3,300 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 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers New Street?

The Sub Registrar Office that covers New Street is the AnnaNagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Koyakbedu. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. These fees are calculated based on the guideline value or the sale price, whichever is higher.

When selling property, the guideline value ensures that the transaction is registered at a value that reflects the prevailing rates in the area. This helps maintain transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,500 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, marking an overall increase of 120% over the years.

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

The stamp duty for a property valued at Rs 33,00,000 is Rs 2,31,000, and the registration fee is Rs 66,000, totaling Rs 2,97,000.

Which Sub Registrar Office covers New Street?

The AnnaNagar Sub Registrar Office covers New Street, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

What is the land classification of New Street?

New Street is classified as Residential Class I Type - III under the guideline value register.