Guideline Value for New Tank Street

New Tank Street guideline value

The current guideline value of New Tank Street in Nungambakkam village is Rs 7,700 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint II SRO and is classified as Residential Class I Type - I.

How the guideline value of New Tank Street has changed

The guideline value for New Tank Street has seen significant changes over the years. In the 2007 revision, the value was Rs 3,000 per sq.ft, which increased to Rs 7,000 per sq.ft in 2012. However, there was a decrease to Rs 4,690 per sq.ft in the 2017 revision. The value rose sharply to Rs 7,000 per sq.ft in 2023, and the latest revision in 2024 has set the value at Rs 7,700 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 157%. Notably, the register has no figures for the years 2002 and 2003 for this street.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO that have a guideline value for 2024, ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, positioning New Tank Street's 2024 figure below this median.

• New Street: Rs 7,100 per sq.ft (2024)
• Noor Veerasamy 1st Lane: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy 2nd Lane: Rs 7,700 per sq.ft (2024)
• Noor Veerasamy Street: Rs 7,700 per sq.ft (2024)
• North Mada Street: Rs 6,600 per sq.ft (2024)
• North Mada Street (Extention): Rs 6,600 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 guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total fees together to Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for accurate calculations.

Which Sub Registrar Office covers New Tank Street?

The Sub Registrar Office that covers New Tank Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

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

When buying or selling property, the guideline value helps in assessing the financial implications of the transaction, as the stamp duty is charged based on the higher of the guideline value or the sale price. This ensures transparency and compliance with regulatory requirements during property transactions.

Frequently asked questions

What is the current guideline value of New Tank Street?

The current guideline value of New Tank Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 157% over the years.

What is the median guideline value in Nungambakkam?

The median guideline value in Nungambakkam is Rs 8,800 per sq.ft, with New Tank Street's 2024 figure being below this median.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 77,00,000. The stamp duty is Rs 5,39,000, and the registration fee is Rs 1,54,000, totaling Rs 6,93,000.

Which office handles registrations for New Tank Street?

The Chennai Central Joint II Sub Registrar Office handles registrations for New Tank Street, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.