Guideline Value for NARASIMMAN NAGAR 1ST STREET

Narasimman Nagar 1st Street guideline value

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

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

The guideline value for Narasimman Nagar 1st Street has undergone several revisions over the years. In 2003, the value was Rs 369 per sq.ft, which increased to Rs 500 per sq.ft in 2007, marking a significant rise of 36%. The value then surged dramatically to Rs 2,000 per sq.ft in 2012, reflecting a 300% increase. This figure remained unchanged until the 2023 revision, where it was again Rs 2,000 per sq.ft.

The most recent revision in 2024 saw the guideline value increase to Rs 2,200 per sq.ft, a rise of 10% from the previous year. Overall, from 2003 to 2024, the guideline value has increased by 496%. The register has no figures for the years 2002 and 2017 for this street.

Guideline values in Perambur

In Perambur, there are 1114 streets under the Purasaivakkam SRO carrying a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value of Narasimman Nagar 1st Street is below this median.

• Narasimman Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Narasimman Nagar 1st 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 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 fees to Rs 1,98,000. Please note that the 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 Narasimman Nagar 1st Street?

The Sub Registrar Office that covers Narasimman Nagar 1st 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 is a critical factor during the registration of property transactions in Perambur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

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

Frequently asked questions

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

The current guideline value of Narasimman Nagar 1st 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 369 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 496% over this period.

What is the role of the Sub Registrar Office?

The Sub Registrar Office is responsible for the registration of property transactions, ensuring that all legal requirements are met and that the appropriate fees are collected.

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000.

Are there any other streets with the same guideline value in Perambur?

Yes, several other streets in Perambur also have a guideline value of Rs 2,200 per sq.ft for the year 2024, including Narasimman Nagar 2nd Cross Street, Narasimman Nagar 1st Cross Street, Narasimman Nagar 2nd Street, Narasimman Nagar 3rd Street, and Narasimman Nagar 4th Street.