Guideline Value for New Tank Street

New Tank Street guideline value

The current guideline value of New Tank Street in Palnalloor village, under the Sunguvarchattram SRO, is Rs 175 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class III Type - I.

How the guideline value of New Tank Street has changed

Since the 2012 revision, the guideline value for New Tank Street has remained stable at Rs 175 per sq.ft as seen in the 2012, 2023, and 2024 revisions. The 2017 revision recorded a lower value of Rs 117 per sq.ft, reflecting a decrease of 33% from the 2012 figure. From 2017 to 2023, there was a significant increase of 50%, bringing the value back to Rs 175 per sq.ft.

It is important to note that the guideline value register does not contain figures for the years 2002, 2003, and 2007 for New Tank Street. The consistency in the 2024 and 2023 values indicates no change over this period, maintaining the guideline value at Rs 175 per sq.ft.

Guideline values in Palnalloor

In Palnalloor, there are 34 streets under the Sunguvarchattram SRO that have a guideline value for 2024, ranging from Rs 175 to Rs 471 per sq.ft. The median value among these streets is Rs 200 per sq.ft, positioning New Tank Street's 2024 figure below this median.

• Old Tank Street: Rs 175 per sq.ft (2024)
• Moorthi Nagar: Rs 200 per sq.ft (2024)
• Mettu Street: Rs 175 per sq.ft (2024)
• Mathakovil Street: Rs 175 per sq.ft (2024)
• Maruthi Nagar: Rs 200 per sq.ft (2024)
• MahaGanapathy Street: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in New Tank Street

For a 1,000 sq.ft plot at the current rate of Rs 175 per sq.ft, the guideline value totals Rs 1,75,000. The stamp duty, calculated at 7%, amounts to Rs 12,250, while the registration fee at 2% comes to Rs 3,500. Therefore, the total cost for stamp duty and registration would be Rs 15,750. It is essential to note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Tank Street?

The Sub Registrar Office that covers New Tank Street is the Sunguvarchattram Sub Registrar Office, located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, Sunguvarchatram, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Palnalloor, as it determines the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

At the time of registration, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs in any property transaction. This ensures that the transaction is recorded accurately and legally in the property records.

Frequently asked questions

What is the current guideline value of New Tank Street?

The current guideline value of New Tank Street is Rs 175 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has remained stable at Rs 175 per sq.ft since 2012, with a dip to Rs 117 per sq.ft in 2017 before returning to Rs 175 per sq.ft in 2023 and 2024.

What is the classification of New Tank Street?

New Tank Street is classified as Residential Class III Type - I, indicating its zoning for residential purposes.

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

The Sub Registrar Office for New Tank Street is located at Vadivamal Nagar Kandigai Road, opposite Caparo Company, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in New Tank Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable, which is based on the guideline value.