Guideline Value for NARASIMMAN NAGAR 2ND CROSS STREET

Narasimman Nagar 2nd Cross Street guideline value

The current guideline value of Narasimman Nagar 2nd 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 falls under the Residential Class IV Type - I land classification.

How the guideline value of Narasimman Nagar 2nd Cross Street has changed

In the 2007 revision, the guideline value was Rs 500 per sq.ft. This figure saw a significant increase to Rs 2,000 per sq.ft in the 2012 revision, marking a 300% rise. The value remained unchanged at Rs 2,000 per sq.ft until the 2023 revision, when it increased to Rs 2,200 per sq.ft, reflecting a 10% rise.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 340%. The revisions for the years 2002, 2003, and 2017 do not have any figures listed for this street.

Guideline values in Perambur

In Perambur, there are 1114 streets under the Purasaivakkam SRO that carry 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 2nd Cross Street is below this median.

• Narasimman Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Narasimman Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Narasimman Nagar 1st Cross 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 2nd 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, charged at 7%, would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, the total cost for these fees would be Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Narasimman Nagar 2nd Cross Street?

The Sub Registrar Office that covers Narasimman Nagar 2nd 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 details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Perambur. It serves as a reference point for determining the stamp duty and registration fees that need to be paid during the registration of the property.

When a property is sold, the guideline value is considered to ensure that the transaction is registered at a value that reflects the government's assessment of the property's worth. This helps maintain transparency and standardization in property transactions.

Frequently asked questions

What is the current guideline value of Narasimman Nagar 2nd Cross Street?

The current guideline value of Narasimman Nagar 2nd 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 changed significantly from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 340% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations for Narasimman Nagar 2nd Cross Street?

The Purasaivakkam Sub Registrar Office handles property registrations for Narasimman Nagar 2nd Cross Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the land classification for Narasimman Nagar 2nd Cross Street?

Narasimman Nagar 2nd Cross Street falls under the Residential Class IV Type - I land classification.