Guideline Value for NARASIMMAN NAGAR 1ST CROSS STREET

Narasimman Nagar 1st Cross Street guideline value

The current guideline value of Narasimman Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village, under the Purasaivakkam SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Narasimman Nagar 1st Cross Street has changed

The guideline value for Narasimman Nagar 1st Cross Street has seen several revisions over the years. In 2007, the guideline value was set at Rs 500 per sq.ft. It increased significantly to Rs 2,000 per sq.ft in 2012, marking a 300% rise. The value remained unchanged at Rs 2,000 per sq.ft until the next revision in 2023, which also did not see any change. The most recent revision in 2024 raised the guideline value to Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 340%. It is important to note that there are no figures available for the revisions in 2002, 2003, and 2017 for this street.

Guideline values in Perambur

In Perambur, there are 1,114 streets under the Purasaivakkam SRO, with guideline values ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, placing Narasimman Nagar 1st Cross Street's 2024 value below this median.

• Narasimman Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Narasimman Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Narasimman Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Narasimman Nagar 3rd Street: Rs 2,200 per sq.ft (2024)
• Narasimman Nagar 4th Street: Rs 2,200 per sq.ft (2024)
• Narasimman Nagar All Streets: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Narasimman Nagar 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. Note that the duty is charged on the higher of the guideline value or the sale price.

For more detailed calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narasimman Nagar 1st Cross Street?

The Sub Registrar Office that covers Narasimman Nagar 1st Cross Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Perambur. It is used to determine the stamp duty and registration fees that need to be paid during the buying or selling process. Buyers should be aware that the guideline value is often considered the minimum value for property transactions, ensuring that the government receives the appropriate taxes.

When registering a property, the buyer must pay the stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and complies with local regulations.

Frequently asked questions

What is the current guideline value of Narasimman Nagar 1st Cross Street?

The current guideline value of Narasimman Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 340% over the years.

What is the registration office for Narasimman Nagar 1st Cross Street?

The registration office covering Narasimman Nagar 1st Cross Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How is stamp duty calculated for properties in Narasimman Nagar 1st Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,54,000.

What are the other streets with the same guideline value in Perambur?

Other streets in Perambur, such as Narasimman Nagar 1st Street, 2nd Cross Street, 2nd Street, 3rd Street, and 4th Street, all share the same guideline value of Rs 2,200 per sq.ft in 2024.