Guideline Value for NARAYANA BAKTHAR COLONY 2ND STREET

Narayana Bakthar Colony 2nd Street guideline value

The current guideline value of Narayana Bakthar Colony 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Padi village under the Villivakkam SRO, classified as Residential Class V Type - II.

How the guideline value of Narayana Bakthar Colony 2nd Street has changed

Over the years, the guideline value for Narayana Bakthar Colony 2nd Street has seen several revisions. The earliest available figure is from 2012, which was Rs 2,000 per sq.ft. This was followed by a decrease to Rs 1,340 per sq.ft in 2017, marking a reduction of 33%. In 2023, the guideline value increased to Rs 2,000 per sq.ft, and the most recent revision in 2024 set it at Rs 2,200 per sq.ft, reflecting a 10% increase from the previous year.

From 2017 to 2023, there was a significant increase of 49%, bringing the value back to Rs 2,000 per sq.ft. Overall, from 2012 to 2024, 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 2024 guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft. The median guideline value in this area is Rs 3,800 per sq.ft, indicating that Narayana Bakthar Colony 2nd Street's 2024 figure is below the median.

• Narayana Bakthar Colony 1st 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 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value is Rs 22,00,000. The stamp duty 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 stamp duty and registration would be Rs 1,98,000. Please 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 Narayana Bakthar Colony 2nd Street?

The Sub Registrar Office that covers Narayana Bakthar Colony 2nd Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Padi. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that both parties are aware of the official value assigned to the property.

When a property transaction occurs, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Narayana Bakthar Colony 2nd Street?

The current guideline value of Narayana Bakthar Colony 2nd 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 back to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the median guideline value in Padi village?

The median guideline value in Padi village is Rs 3,800 per sq.ft, which is higher than the current value of Narayana Bakthar Colony 2nd Street.

What are the stamp duty rates for properties in this area?

The stamp duty rate for properties in Narayana Bakthar Colony 2nd Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.