Guideline Value for New Street

New Street guideline value

The current guideline value of New Street in Siruvallur village, under the Sembiam SRO, is Rs 1,900 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of New Street has changed

The guideline value for New Street has undergone several revisions over the years. The earliest recorded figure is from 2002, where the guideline value was Rs 361 per sq.ft. This increased to Rs 397 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 1,000 per sq.ft in 2007, reflecting a 152% increase. Following this, the 2012 revision set the value at Rs 1,800 per sq.ft, a decrease of 33% from the previous figure. In 2017, the guideline value rose to Rs 1,206 per sq.ft, and then in 2023, it reached Rs 1,800 per sq.ft again, before the current figure of Rs 1,900 per sq.ft in 2024, which is a 6% increase from 2023.

Overall, from 2002 to 2024, the guideline value has increased by 426%. Notably, there are no recorded figures for the years between 2012 and 2017 in the register for this street.

Guideline values in Siruvallur

In Siruvallur village, there are 86 streets under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 1,900 per sq.ft, which is equal to the current figure for New Street.

• Palavoyal Street: Rs 1,900 per sq.ft (2024)
• Pananthoppu Railway Colony: Rs 1,900 per sq.ft (2024)
• Paper Mills Road: Rs 6,600 per sq.ft (2024)
• Paper Mills Road 1nd Lane: Rs 3,300 per sq.ft (2024)
• Paper Mills Road 2nd Lane: Rs 3,300 per sq.ft (2024)
• Park Lane Street: Rs 1,900 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 1,900 per sq.ft, the total guideline value amounts to Rs 19,00,000. The stamp duty at 7% would be Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, totaling Rs 1,71,000. 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 Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Siruvallur. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions in the region.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as determined by the government. This helps in maintaining transparency and accountability in property dealings.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street in Siruvallur village is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for New Street has changed from Rs 361 per sq.ft in 2002 to Rs 1,900 per sq.ft in 2024, reflecting an overall increase of 426% over the years.

What is the stamp duty rate for property in New Street?

The stamp duty rate for property transactions in New Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for New Street located?

The Sub Registrar Office covering New Street is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How many streets in Siruvallur have a 2024 guideline value?

There are 86 streets in Siruvallur under the Sembiam SRO that carry a 2024 guideline value, ranging from Rs 1,600 to Rs 6,600 per sq.ft.