Guideline Value for NARAYANA BAKTHAR COLONY 5TH STREET

Narayana Bakthar Colony 5th Street guideline value

The current guideline value of Narayana Bakthar Colony 5th 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 it falls under the Residential Class V Type - II land classification.

How the guideline value of Narayana Bakthar Colony 5th Street has changed

Over the years, the guideline value for Narayana Bakthar Colony 5th Street has seen several revisions. The most recent revision in 2024 set the value at Rs 2,200 per sq.ft, which is an increase from Rs 2,000 per sq.ft in 2023, marking a change of +10%. Prior to that, the 2017 revision recorded a guideline value of Rs 1,340 per sq.ft, reflecting a significant increase of +49% from the previous value. In 2012, the value was Rs 2,000 per sq.ft, which was a decrease of -33% from the 2017 figure. Overall, from 2012 to 2024, the guideline value has increased by +10%.

The register has no figure for this street in the years 2002, 2003, and 2007. Therefore, the earliest recorded value is from 2012, which was Rs 2,000 per sq.ft.

Guideline values in Padi

In Padi village, there are 354 streets under the Villivakkam SRO that carry a guideline value for 2024, 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 the guideline value for Narayana Bakthar Colony 5th Street is below this median.

• Narayana Bakthar Colony 4th Street: Rs 2,200 per sq.ft (2024)
• Narayana Bakthar Colony 3rd Street: Rs 2,200 per sq.ft (2024)
• Narayana Bakthar Colony 2nd Street: Rs 2,200 per sq.ft (2024)
• Narayana Bakthar Colony 1st 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 5th 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. 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 guideline value or the sale price, whichever is higher. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narayana Bakthar Colony 5th Street?

The Narayana Bakthar Colony 5th Street is covered by the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your specific SRO, you can visit find your SRO.

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 reference point for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers should be aware that the guideline value can influence the overall cost of property transactions.

When registering a property, the guideline value is compared against the sale price. The higher of the two values will be used to calculate the applicable stamp duty and registration fees. 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 5th Street?

The current guideline value of Narayana Bakthar Colony 5th 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 2023 to Rs 2,200 per sq.ft in 2024, a +10% increase. It was Rs 1,340 per sq.ft in 2017, which was a +49% increase from the previous value.

What is the land classification for Narayana Bakthar Colony 5th Street?

Narayana Bakthar Colony 5th Street is classified under Residential Class V Type - II.

Where is the Villivakkam 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.

How is the stamp duty calculated for property in Narayana Bakthar Colony 5th Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total fees would amount to Rs 1,98,000.