Guideline Value for Novothaya Estate

Novothaya Estate guideline value

The current guideline value of Novothaya Estate is Rs 1,650 per sq.ft. It is located in Varadarajapuram village, under the Padappai SRO, and classified as Residential Special Type - II.

How the guideline value of Novothaya Estate has changed

The guideline value for Novothaya Estate has seen several revisions over the years. In 2007, the guideline value was Rs 150 per sq.ft. This increased significantly to Rs 1,500 per sq.ft in 2012, marking a rise of 900%. However, between 2012 and 2017, the value dropped to Rs 1,005 per sq.ft, a decrease of 33%. The value then increased to Rs 1,500 per sq.ft in 2023, reflecting a rise of 49%. The most recent revision, effective from 1 July 2024, sets the guideline value at Rs 1,650 per sq.ft, which is a 10% increase from the previous year.

The register has no figure for this street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 1000%.

Guideline values in Varadarajapuram

In Varadarajapuram, there are 250 streets under the Padappai SRO with a 2024 guideline value ranging from Rs 880 to Rs 4,100 per sq.ft. The median value is Rs 1,650 per sq.ft, which is equal to the guideline value of Novothaya Estate.

• Parameshwari Nagar: Rs 1,650 per sq.ft (2024)
• Park Street: Rs 1,650 per sq.ft (2024)
• Nano Villa: Rs 1,650 per sq.ft (2024)
• Nannilam Nagar: Rs 990 per sq.ft (2024)
• Naduveerapattu - Tambaram Road: Rs 1,650 per sq.ft (2024)
• Mv Generation Mgr Nagar: Rs 3,370 per sq.ft (2024)

Stamp duty and registration fee for property in Novothaya Estate

For a 1,000 sq.ft plot at the current rate, the guideline value is Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, making the total Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Novothaya Estate?

The Sub Registrar Office that covers Novothaya Estate is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Varadarajapuram. It is used to determine the applicable stamp duty and registration fees, ensuring that these costs are calculated based on the official valuation of the property.

When buying or selling property, it is essential to be aware of the current guideline value, as it can impact the overall transaction costs. Buyers should ensure that they are prepared for these fees, which are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Novothaya Estate?

The current guideline value of Novothaya Estate is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 150 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, showing a significant increase over the years.

What is the land classification of Novothaya Estate?

Novothaya Estate is classified as Residential Special Type - II, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for Novothaya Estate?

The Padappai Sub Registrar Office covers Novothaya Estate and is located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone.

How is the stamp duty calculated for property in Novothaya Estate?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property with a guideline value of Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.