Guideline Value for North New Street

North New Street guideline value

The current guideline value of North New Street in Adambakkam village is Rs 3,900 per sq.ft, effective from 1 July 2024. This street falls under the Alandur SRO and is classified as Residential Class I Type - III.

How the guideline value of North New Street has changed

The guideline value for North New Street has seen several revisions over the years. Starting from Rs 223 per sq.ft in 2002, it increased to Rs 255 per sq.ft in 2003, marking a 14% rise. The value then surged significantly to Rs 900 per sq.ft in 2007, reflecting a 253% increase. Following this, the value rose to Rs 3,500 per sq.ft in 2012, which was a 289% jump. However, it then decreased to Rs 2,345 per sq.ft in 2017, showing a decline of 33%. The value was revised to Rs 3,500 per sq.ft in 2023, and most recently, it stands at Rs 3,900 per sq.ft from 2024, which is an 11% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,649%. The register has no figures for the years not mentioned in the revisions.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which aligns with the current guideline value of North New Street.

• North New Street (Vanuvampet): Rs 3,900 per sq.ft (2024)
• N S K Road: Rs 5,000 per sq.ft (2024)
• Nilamangai Nagar Avvaiyar Street: Rs 3,900 per sq.ft (2024)
• Nilamangai Nagar: Rs 3,900 per sq.ft (2024)
• Odai Street: Rs 3,900 per sq.ft (2024)
• Officers Colony 1st Cross Street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in North 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 would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total cost together to Rs 3,51,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers North New Street?

The Sub Registrar Office that covers North New Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the authorities.

When a property transaction occurs, the guideline value helps determine the legal and financial obligations of both the buyer and seller. It is essential to be aware of the guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of North New Street?

The current guideline value of North 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 significantly from Rs 223 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1,649% over the years.

What is the land classification for North New Street?

North New Street is classified as Residential Class I Type - III under the Alandur SRO.

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

The Sub Registrar Office for North New Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in North New Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value is Rs 39,00,000, leading to a stamp duty of Rs 2,73,000.