Guideline Value for NARA LANE

Nara Lane guideline value

The current guideline value of Nara Lane in Saidapet village is Rs 3,300 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint II SRO and is classified as Residential Class III Type - I.

How the guideline value of Nara Lane has changed

The guideline value for Nara Lane has seen several revisions since 2002. In 2002, the value was Rs 489 per sq.ft, which increased to Rs 613 per sq.ft in 2003, marking a 25% rise. By 2007, the value surged to Rs 800 per sq.ft, reflecting a 31% increase. The value then jumped significantly to Rs 3,000 per sq.ft in 2012, a 275% increase from 2007. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 3,000 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 3,300 per sq.ft, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 575%. There are no figures available for other revisions for this street.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft, with a median value of Rs 4,400 per sq.ft. Nara Lane's current guideline value is below this median.

• Narayanasamy 1st Street: Rs 3,300 per sq.ft (2024)
• Narayanasamy Iind Street: Rs 3,300 per sq.ft (2024)
• Narayanasamy Street (V.O.C. Street): Rs 4,400 per sq.ft (2024)
• Nagalingam Street: Rs 3,300 per sq.ft (2024)
• Murahari Road: Rs 3,300 per sq.ft (2024)
• New Colony Main Road & 1 To 4 Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Nara Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, making the total cost Rs 2,97,000. 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 more details.

Which Sub Registrar Office covers Nara Lane?

Nara Lane is covered by 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 Saidapet

The guideline value plays a crucial role in the registration process of properties in Saidapet. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees applicable. This ensures that the transaction is recorded accurately and complies with the legal requirements set by the authorities.

It is essential for buyers and sellers to be aware of the guideline value as it influences the overall cost of the transaction. The higher the guideline value, the greater the stamp duty and registration fees, impacting the total expenses incurred during the property transfer.

Frequently asked questions

What is the current guideline value of Nara Lane?

The current guideline value of Nara Lane is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 489 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Nara Lane?

Nara Lane is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Nara Lane?

The Sub Registrar Office covering Nara Lane is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is the stamp duty calculated for properties in Nara Lane?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 33,00,000, the stamp duty would be calculated at 7% of that amount.