Guideline Value for NARAYANA BAKTHAR COLONY 1ST STREET

Narayana Bakthar Colony 1st Street guideline value

The current guideline value for Narayana Bakthar Colony 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Padi village, under the Villivakkam SRO, and falls under Residential Class V Type - II land classification.

How the guideline value of Narayana Bakthar Colony 1st Street has changed

In the 2012 revision, the guideline value was Rs 2,000 per sq.ft. This figure remained until the 2017 revision, where it decreased to Rs 1,340 per sq.ft, marking a decline of 33%. The guideline value then increased significantly to Rs 2,000 per sq.ft in the 2023 revision, followed by another increase to Rs 2,200 per sq.ft in the 2024 revision, which is a rise of 10% from the previous year.

From 2017 to 2023, the guideline value saw a substantial increase of 49%. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median guideline value in this area is Rs 3,800 per sq.ft, indicating that the 2024 figure for Narayana Bakthar Colony 1st Street is below the median.

• Narayana Bakthar Colony 2nd Street: Rs 2,200 per sq.ft (2024)
• Narayana Bakthar Colony 3rd Street: Rs 2,200 per sq.ft (2024)
• Narayana Bakthar Colony 4th Street: Rs 2,200 per sq.ft (2024)
• Narayana Bakthar Colony 5th Street: Rs 2,200 per sq.ft (2024)
• Narayanan Street: Rs 2,200 per sq.ft (2024)
• New Balaji Appartments: Rs 5,400 per sq.ft (2024)

Stamp duty and registration fee for property in Narayana Bakthar Colony 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 amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, leading to a total cost of Rs 1,98,000. Note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narayana Bakthar Colony 1st Street?

The Villivakkam Sub Registrar Office covers Narayana Bakthar Colony 1st Street. The address is Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Padi. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the value of the property in the current market.

Frequently asked questions

What is the current guideline value of Narayana Bakthar Colony 1st Street?

The current guideline value of Narayana Bakthar Colony 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 changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the land classification for Narayana Bakthar Colony 1st Street?

Narayana Bakthar Colony 1st Street falls under Residential Class V Type - II land classification.

What are the stamp duty rates for property transactions?

The stamp duty rate for property transactions in Tamil Nadu is generally 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Narayana Bakthar Colony 1st Street?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. You can find more details by visiting the relevant link.