Guideline Value for New Street

New Street guideline value

The current guideline value of New Street in Satthankadu village, under the Thiruvottiyur SRO, is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is classified as Residential Special 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 1,000 per sq.ft, which increased significantly to Rs 3,600 per sq.ft in 2012. However, it then decreased to Rs 2,412 per sq.ft in 2017. The following revision in 2023 brought the value back up to Rs 3,600 per sq.ft, and the most recent revision in 2024 raised it to Rs 3,900 per sq.ft. The register has no figures for this street in 2002 and 2003.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 is an 8% increase. Notably, the overall change from 2007 to 2024 reflects a substantial rise of 290% in the guideline value.

Guideline values in Satthankadu

In Satthankadu, there are 71 streets under the Thiruvottiyur SRO, with guideline values ranging from Rs 2,200 to Rs 5,500 per sq.ft. The median guideline value is Rs 3,400 per sq.ft, positioning New Street's 2024 figure above this median.

• North Lane: Rs 3,400 per sq.ft (2024)
• North Mada Street: Rs 3,400 per sq.ft (2024)
• North Pattai: Rs 3,400 per sq.ft (2024)
• North PRAGARAM Street: Rs 3,400 per sq.ft (2024)
• Ottravadai Street: Rs 3,400 per sq.ft (2024)
• Padmanabhan colony: Rs 3,400 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 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making the total Rs 3,51,000. 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 further calculations.

Which Sub Registrar Office covers New Street?

The Sub Registrar Office that covers New Street is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value is an essential factor in the registration process for property transactions in Satthankadu. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the transaction's financial implications. Buyers need to be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of New Street?

The current guideline value of New Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 1,000 per sq.ft in 2007 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 290% since 2007.

What are the other streets in Satthankadu and their guideline values?

Other streets in Satthankadu have a guideline value of Rs 3,400 per sq.ft in 2024, including North Lane, North Mada Street, North Pattai, North PRAGARAM Street, Ottravadai Street, and Padmanabhan colony.

What fees are associated with purchasing property in New Street?

When purchasing property in New Street, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for New Street?

The Sub Registrar Office for New Street is located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find more details online.