Guideline Value for NAIDU STREET (A) PALAIYAKARATH STREET

Naidu Street (A) Palaiyakarath Street guideline value

The current guideline value of Naidu Street (A) Palaiyakarath Street is Rs 3,100 per sq.ft, effective from 1 July 2024. This street is located in Ramapuram village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Naidu Street (A) Palaiyakarath Street has changed

Naidu Street (A) Palaiyakarath Street has seen significant changes in its guideline value over the years. The earliest recorded value was Rs 432 per sq.ft in 2003, which increased to Rs 1,100 per sq.ft in 2007, marking a 155% rise. By 2012, the value had risen to Rs 2,800 per sq.ft, reflecting another 155% increase. However, the value dropped by 33% to Rs 1,876 per sq.ft in 2017. The following revision in 2023 saw a substantial increase to Rs 2,800 per sq.ft, followed by a further rise to Rs 3,100 per sq.ft in 2024, which is an 11% increase from the previous year.

It is important to note that the register has no figure for Naidu Street (A) Palaiyakarath Street in 2002. Overall, from 2003 to 2024, the guideline value has increased by 618%.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value, ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 3,100 per sq.ft, which is equal to the current guideline value of Naidu Street (A) Palaiyakarath Street.

• Naidu 2nd lane: Rs 3,100 per sq.ft (2024)
• Narashimha Perumal Koil Street And Cross Street: Rs 2,750 per sq.ft (2024)
• Narasimhan Nagar: Rs 1,950 per sq.ft (2024)
• Muthukrishna Main Road: Rs 2,750 per sq.ft (2024)
• Natarajan Salai: Rs 1,950 per sq.ft (2024)
• Natarajan Street: Rs 1,950 per sq.ft (2024)

Stamp duty and registration fee for property in Naidu Street (A) Palaiyakarath Street

For a 1,000 sq.ft plot at the current rate, the guideline value amounts to Rs 31,00,000. The stamp duty at 7% would be Rs 2,17,000, and the registration fee at 2% would be Rs 62,000, bringing the total to Rs 2,79,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Naidu Street (A) Palaiyakarath Street?

The Sub Registrar Office that covers Naidu Street (A) Palaiyakarath Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Ramapuram. It is used to determine the stamp duty and registration fees that need to be paid when a property is bought or sold. The guideline value is set by the government and is updated periodically to reflect changes in the real estate market.

When you are registering a property, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions, regardless of the market conditions.

Frequently asked questions

What is the current guideline value of Naidu Street (A) Palaiyakarath Street?

The current guideline value of Naidu Street (A) Palaiyakarath Street is Rs 3,100 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 432 per sq.ft in 2003 to Rs 3,100 per sq.ft in 2024, marking an overall increase of 618% over this period.

What is the land classification for Naidu Street (A) Palaiyakarath Street?

Naidu Street (A) Palaiyakarath Street is classified as Residential Class II Type - I.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Naidu Street (A) Palaiyakarath Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Naidu Street (A) Palaiyakarath Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.