Guideline Value for New Subramaniya Nagar 2nd Street

New Subramaniya Nagar 2nd Street guideline value

The current guideline value of New Subramaniya Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village, under the Virugambakkam SRO, and falls under the Residential Class IV Type - I land classification.

How the guideline value of New Subramaniya Nagar 2nd Street has changed

The guideline value for New Subramaniya Nagar 2nd Street has undergone several revisions over the years. In 2002, the value was Rs 86 per sq.ft, which increased to Rs 95 per sq.ft in 2003, marking a 10% rise. The value saw a significant jump to Rs 300 per sq.ft in 2007, reflecting a 216% increase. By 2012, the guideline value was Rs 2,500 per sq.ft, which represented a substantial increase of 733%. However, it then decreased by 33% to Rs 1,675 per sq.ft in 2017. The value rose again to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,750 per sq.ft in 2024, a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 3098%. There are no figures available for the revisions between these years for this street.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value, ranging from Rs 2,200 to Rs 6,050 per sq.ft. The median guideline value in this area is Rs 3,050 per sq.ft, which means that the 2024 figure for New Subramaniya Nagar 2nd Street is below that median.

• New Subramaniya Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• New Subramaniya Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• New Subramaniya Nagar Main Road: Rs 2,750 per sq.ft (2024)
• North Mada Veedhi 10th Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 1st Cross Street: Rs 3,050 per sq.ft (2024)
• North Mada Veedhi 2nd Cross Street: Rs 3,050 per sq.ft (2024)

Stamp duty and registration fee for property in New Subramaniya Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total cost for these fees to Rs 2,47,500. 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 Subramaniya Nagar 2nd Street?

The Sub Registrar Office that covers New Subramaniya Nagar 2nd Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering a property in Maduravoyal. It serves as the basis for calculating the stamp duty and registration fees that are required during the property transaction process. The guideline value ensures that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the current guideline value, as it can affect the overall cost of the transaction. Buyers should ensure that they are prepared for the financial implications of these fees based on the guideline value.

Frequently asked questions

What is the current guideline value of New Subramaniya Nagar 2nd Street?

The current guideline value of New Subramaniya Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 86 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 3098% over this period.

What is the land classification for New Subramaniya Nagar 2nd Street?

New Subramaniya Nagar 2nd Street is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for New Subramaniya Nagar 2nd Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 27,50,000, the stamp duty at 7% would be Rs 1,92,500.