Guideline Value for NARASINGAPURAM

Narasingapuram guideline value

The current guideline value of Narasingapuram is Rs 8,800 per sq.ft, effective from 1 July 2024. This area is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class III Type - III.

How the guideline value of Narasingapuram has changed

The guideline value for Narasingapuram has undergone several revisions over the years. The earliest recorded value in the register was Rs 872 per sq.ft in 2002, which increased to Rs 969 per sq.ft in 2003, marking an 11% rise. The value then saw a significant jump to Rs 8,000 per sq.ft in 2012, reflecting a 726% increase from 2003. However, it decreased by 33% to Rs 5,360 per sq.ft in 2017. The value rose again to Rs 8,000 per sq.ft in 2023, and finally, it reached the current rate of Rs 8,800 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 909%. It is important to note that there is no recorded figure for Narasingapuram in the 2007 revision.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, which is equal to the current value of Narasingapuram.

• Narayana Chetty Street: Rs 4,900 per sq.ft (2024)
• Narayana Lane: Rs 8,800 per sq.ft (2024)
• Nanjunda Rao Colony (Venkatesa Agraharam): Rs 8,800 per sq.ft (2024)
• Narayanasamy 4th Street: Rs 6,000 per sq.ft (2024)
• Narayanasamy Thottam: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 1st Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Narasingapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to 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 Narasingapuram?

The Sub Registrar Office that covers Narasingapuram is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value is used as a benchmark for property transactions in Mylapore. It plays a crucial role during the registration process, ensuring that the property is valued according to the current rates set by the government.

When buying or selling property, the guideline value helps determine the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Narasingapuram?

The current guideline value of Narasingapuram is Rs 8,800 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 872 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 909% over this period.

What is the Mylapore SRO?

The Mylapore SRO is the Sub Registrar Office that oversees property registrations in Mylapore village, ensuring compliance with local regulations and guidelines.

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

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Where can I find more information about the guideline values in Mylapore?

More information about the guideline values in Mylapore can be found through the Registration Department's guideline value register (TNReginet) or by visiting the Mylapore SRO.