Guideline Value for New Street

New Street guideline value

The current guideline value of New Street in Muthialpet village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I 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 seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased to Rs 5,000 per sq.ft in 2012. However, it then decreased to Rs 3,350 per sq.ft in 2017. The subsequent revision in 2023 brought the value up to Rs 5,000 per sq.ft, and the most recent revision in 2024 set the value at Rs 5,500 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 175%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the current guideline value of New Street.

• North Beech Road 1st lane*: Rs 4,900 per sq.ft (2024)
• North Beech Road 2nd lane: Rs 7,100 per sq.ft (2024)
• North Beech Road 3rd lane: Rs 4,900 per sq.ft (2024)
• North Beech Road 4th lane: Rs 11,000 per sq.ft (2024)
• North Beech Road (Rajaji Salai): Rs 18,000 per sq.ft (2024)
• North Port street*: Rs 18,000 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 amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. 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 Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Muthialpet, as it determines the minimum price at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for legal ownership transfer.

It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with local regulations. Understanding the guideline value helps in making informed decisions during property transactions in Muthialpet.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street in Muthialpet 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 changed from Rs 2,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 175% over the years.

What is the median guideline value in Muthialpet?

The median guideline value in Muthialpet is Rs 5,500 per sq.ft, which is the same as the current guideline value for New Street.

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

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty and registration fees would amount to Rs 4,95,000, based on the rates applicable.

Which office handles registrations for New Street?

The Chennai North Joint I Sub Registrar Office handles registrations for New Street, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.