Guideline Value for NARASIMHAN STREET

Narasimhan Street guideline value

The current guideline value of Narasimhan Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Mambalam village under the Thiyagaraya nagar SRO, classified as Residential Class II 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 557 per sq.ft, which increased to Rs 618 per sq.ft in 2003, marking an 11% rise. The value then saw a significant jump to Rs 1,000 per sq.ft in 2007, representing a 62% increase. Following this, the value surged to Rs 6,000 per sq.ft in 2012, a remarkable 500% increase. However, in 2017, it decreased to Rs 4,020 per sq.ft, reflecting a 33% drop. The value then rose again to Rs 6,000 per sq.ft in 2023, before reaching the current figure of Rs 6,600 per sq.ft in 2024, which is a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 1085%. The register has no figure for the years between the revisions listed above.

Guideline values in Mambalam

In Mambalam, there are 163 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 22,000 per sq.ft. The median value is Rs 6,600 per sq.ft, which is equal to the 2024 figure for Narasimhan Street.

• Nandhi Loop Road: Rs 7,700 per sq.ft (2024)
• Nethaji Street: Rs 5,500 per sq.ft (2024)
• NEW STREET (School): Rs 7,700 per sq.ft (2024)
• Mosque 4th Street: Rs 4,400 per sq.ft (2024)
• Mosque 3 Street: Rs 4,400 per sq.ft (2024)
• Mosque 2 Street: Rs 4,400 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 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narasimhan Street?

The Sub Registrar Office that covers Narasimhan Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mambalam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these charges are based on a standardized value rather than the negotiated sale price.

When a property is registered, the guideline value is used to determine the applicable fees, which are essential for the legal transfer of property ownership. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations and to accurately estimate the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Narasimhan Street?

The current guideline value of Narasimhan Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 557 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, showing an overall increase of 1085% over the years.

What are the stamp duty and registration fees for properties on Narasimhan Street?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Where is the Sub Registrar Office for Narasimhan Street located?

The Sub Registrar Office for Narasimhan Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

What is the land classification of Narasimhan Street?

Narasimhan Street is classified as Residential Class II Type - I under the Thiyagaraya nagar SRO.