Guideline Value for New street

New street guideline value

The current guideline value of New street in Poonthamallee village, under the Poonamallee SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class II 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 300 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 1,340 per sq.ft in 2017. The value then rose to Rs 2,000 per sq.ft in 2023, before reaching the current rate of Rs 2,200 per sq.ft in 2024. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From 2007 to 2024, the overall increase in guideline value is a substantial 633%. The change from 2023 to 2024 reflects a 10% increase, while the jump from 2017 to 2023 shows a significant rise of 49%. The period from 2012 to 2017 saw a decrease of 33%, and the increase from 2007 to 2012 was an extraordinary 567%.

Guideline values in Poonthamallee

In Poonthamallee, there are 257 streets under the Poonamallee SRO that carry a 2024 guideline value ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median value is Rs 2,200 per sq.ft, which is the same as the guideline value for New street.

• North mada street: Rs 2,200 per sq.ft (2024)
• Om Mahalakshmi nagar: Rs 2,200 per sq.ft (2024)
• Om Mahalakshmi Nagar Residency Layout Phase II: Rs 2,760 per sq.ft (2024)
• Othandeeswarar Nagar: Rs 2,200 per sq.ft (2024)
• Navallar street: Rs 2,200 per sq.ft (2024)
• Palani nagar: Rs 2,200 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 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers New street?

The Sub Registrar Office that covers New street is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056. For more information, you can find your SRO.

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

The guideline value is crucial during property transactions in Poonthamallee, as it determines the amount of stamp duty and registration fees payable. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When registering a property, the guideline value is used to calculate the applicable fees, which can significantly affect the overall cost of the transaction. It is essential for both parties to be aware of these values to facilitate a smooth transfer of ownership.

Frequently asked questions

What is the current guideline value of New street?

The current guideline value of New street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 300 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 633% over the years.

What are the registration fees for properties on New street?

The registration fees are calculated based on the guideline value, which for New street is Rs 2,200 per sq.ft. This includes a stamp duty of 7% and a registration fee of 2%.

Which Sub Registrar Office handles transactions for New street?

The Poonamallee Sub Registrar Office handles transactions for New street, located at No.332 U + 9cc Malma Nagar Poonallee Chennai - 600056.

What is the land classification for New street?

New street is classified as Residential Class II Type - I, which affects its guideline value and property transactions.