Guideline Value for NARASIMHAN STREET

Narasimhan Street guideline value

The current guideline value of Narasimhan Street in Pallikaranai village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Narasimhan Street has changed

The guideline value for Narasimhan Street has undergone several revisions over the years. In 2002, the value was Rs 78 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking a 28% rise. The value saw a significant jump to Rs 400 per sq.ft in 2007, reflecting a 300% increase. By 2012, the value reached Rs 1,500 per sq.ft, a substantial 275% increase from the previous revision. However, between 2012 and 2017, the value decreased to Rs 1,005 per sq.ft, indicating a 33% drop. The most recent revision in 2024 saw the value rise to Rs 1,650 per sq.ft, which is a 64% increase from 2017.

It is important to note that there is no figure available for Narasimhan Street in the 2023 revision. Overall, from 2002 to 2024, the guideline value has increased by 2015%.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, making Narasimhan Street's 2024 figure equal to this median.

• Narayanan Nagar: Rs 1,650 per sq.ft (2024)
• Narayanan Street: Rs 1,650 per sq.ft (2024)
• Narayanapuram: Rs 2,750 per sq.ft (2024)
• Narayanapuram Erikarai Salai: Rs 2,420 per sq.ft (2024)
• Nakeerar Street: Rs 2,200 per sq.ft (2024)
• Nageshwariamman Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Narasimhan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narasimhan Street?

Narasimhan Street is covered by the Chennai South Joint I 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 Pallikaranai

The guideline value plays a crucial role in the registration process of property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that must be paid when buying or selling property. Buyers and sellers should be aware that the guideline value may differ from the actual sale price.

During the registration process, the authorities will assess the property based on the guideline value to calculate the applicable fees. Therefore, it is essential for both buyers and sellers to understand the guideline value to ensure compliance with the registration requirements.

Frequently asked questions

What is the current guideline value of Narasimhan Street?

The current guideline value of Narasimhan Street 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 seen several revisions, increasing from Rs 78 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, which is an overall increase of 2015%.

What is the classification of land on Narasimhan Street?

Narasimhan Street is classified as Residential Class IV Type - I under the Chennai South Joint I SRO.

What are the stamp duty and registration fees for a property in Narasimhan Street?

For a 1,000 sq.ft property, the total guideline value is Rs 16,50,000, with a stamp duty of Rs 1,15,500 and a registration fee of Rs 33,000, totaling Rs 1,48,500.

Which office handles registrations for Narasimhan Street?

The Chennai South Joint I Sub Registrar Office handles registrations for Narasimhan Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.