Guideline Value for New Street

New Street guideline value

The current guideline value of New Street, located in Nungambakkam village, is Rs 7,100 per sq.ft, effective from the 2024 revision. This street falls under the Chennai Central Joint II SRO and is classified as Residential Class II Type - I.

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 guideline value was Rs 2,000 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, there was a decrease to Rs 4,355 per sq.ft in 2017. The value then rose to Rs 6,500 per sq.ft in 2023, before reaching the current figure of Rs 7,100 per sq.ft in 2024.

Between these revisions, the changes were notable. From 2007 to 2012, there was a substantial increase of 225%. However, from 2012 to 2017, the value decreased by 33%. The value saw a significant increase of 49% from 2017 to 2023, and a further rise of 9% from 2023 to 2024. Overall, the increase from 2007 to 2024 is 255%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, indicating that New Street's 2024 figure is below this median.

• New Tank Street: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy 1st Lane: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy 2nd Lane: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy Street: Rs 7,700 per sq.ft (2024)
• New Colony (Gopal Nagar): Rs 7,700 per sq.ft (2024)
• North Mada Street: Rs 6,600 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 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, totaling Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Street?

The Sub Registrar Office that covers New Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Nungambakkam. When a property is registered, the guideline value is utilized to determine the applicable stamp duty and registration fees. This ensures that the transaction is recorded at a value that reflects the current market conditions set by the government.

Additionally, the guideline value serves as a benchmark for buyers and sellers to gauge the worth of a property. It helps in establishing a fair price during negotiations and ensures transparency in property dealings.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 7,100 per sq.ft, effective from the 2024 revision.

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 7,100 per sq.ft in 2024, reflecting an overall increase of 255% over this period.

What are the registration fees for property in New Street?

For a property valued at the guideline value of Rs 71,00,000, the registration fee would be Rs 1,42,000 at a rate of 2%.

Which office handles registrations for New Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for New Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the median guideline value in Nungambakkam?

The median guideline value for the streets in Nungambakkam under the Chennai Central Joint II SRO is Rs 8,800 per sq.ft, which is higher than the current value of New Street.