Guideline Value for NARASIMHAN STREET

Narasimhan Street guideline value

The current guideline value of Narasimhan Street in Vadaagaram village, under the Kodambakkam SRO, is Rs 7,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Mixed Type - II.

How the guideline value of Narasimhan Street has changed

The guideline value for Narasimhan Street has seen significant changes over the years. In the 2003 revision, the value was Rs 634 per sq.ft, which increased to Rs 1,500 per sq.ft in 2007. Following this, the value surged to Rs 6,500 per sq.ft in 2012, but then fell to Rs 4,355 per sq.ft in 2017. The value rose again to Rs 6,500 per sq.ft in 2023, and finally reached Rs 7,000 per sq.ft in the 2024 revision. Notably, there is no figure available for this street in the 2002 revision.

Between the revisions, the changes were as follows: from 2003 to 2007, there was an increase of +137%; from 2007 to 2012, a decrease of -33%; from 2012 to 2017, a decrease of -33%; and from 2017 to 2023, an increase of +49%. The latest revision from 2023 to 2024 saw an increase of +8%. Overall, from 2003 to 2024, the guideline value has increased by +1004%.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO, with guideline values ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value is Rs 6,600 per sq.ft, placing Narasimhan Street's 2024 figure above that median.

• Muthukrishnan Street: Rs 7,000 per sq.ft (2024)
• Muthu Irulandi Colony Main Road: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 3rd Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 3rd Cross Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 2nd Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 2nd Cross Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Narasimhan Street

For a 1,000 sq.ft plot at the current rate of Rs 7,000 per sq.ft, the guideline value totals Rs 70,00,000. The stamp duty at 7% would be Rs 4,90,000, and the registration fee at 2% would be Rs 1,40,000, bringing the total to Rs 6,30,000. It is important to note that 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 Narasimhan Street?

The Sub Registrar Office that covers Narasimhan Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Vadaagaram. It is used to determine the stamp duty and registration fees applicable when buying or selling property, ensuring that the transaction is recorded at a value recognized by the government.

When a property is sold, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Narasimhan Street?

The current guideline value of Narasimhan Street is Rs 7,000 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 634 per sq.ft in 2003 to Rs 7,000 per sq.ft in 2024, reflecting an overall increase of +1004% over the years.

What is the land classification for Narasimhan Street?

The land classification for Narasimhan Street is Mixed Type - II, which indicates the type of development and usage permitted in the area.

Where can I find the Sub Registrar Office for Narasimhan Street?

The Sub Registrar Office for Narasimhan Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, on a property valued at Rs 70,00,000, the stamp duty would be Rs 4,90,000 at 7%.