Guideline Value for NARAYANA SAMI STREET

Narayana Sami Street guideline value

The current guideline value of Narayana Sami Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village and falls under the Neelankarai SRO. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Narayana Sami Street has changed

The guideline value for Narayana Sami Street has undergone several revisions over the years. In 2002, the value was Rs 77 per sq.ft, which increased significantly to Rs 86 per sq.ft in 2003, marking a 12% rise. Following this, the value surged dramatically to Rs 1,000 per sq.ft in 2007, reflecting a 1,063% increase. The value then rose to Rs 2,000 per sq.ft in 2012, which was a 100% increase from the previous revision. However, in 2017, the value decreased to Rs 1,340 per sq.ft, representing a decline of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 2,000 per sq.ft, which was a 49% rise. The latest revision in 2024 has set the value at Rs 2,200 per sq.ft, marking a 10% increase from the previous year. There are no years in the register that lack a figure for this street.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median value for these streets is Rs 3,300 per sq.ft, placing Narayana Sami Street's 2024 figure below this median.

• Narayanasamy 1st Street: Rs 2,200 per sq.ft (2024)
• Naidu Garden: Rs 3,900 per sq.ft (2024)
• Muthu Mariamman Street: Rs 1,700 per sq.ft (2024)
• Murasolimaran Street: Rs 3,300 per sq.ft (2024)
• N.S.Krishnan Street: Rs 1,700 per sq.ft (2024)
• Mosque Street: Rs 2,800 per sq.ft (2024)

Stamp duty and registration fee for property in Narayana Sami 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, bringing the total to 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narayana Sami Street?

The Sub Registrar Office that covers Narayana Sami Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees, which are calculated based on the higher of the guideline value or the sale price.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. This value is periodically revised to reflect changes in the real estate market.

Frequently asked questions

What is the current guideline value of Narayana Sami Street?

The current guideline value of Narayana Sami 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 77 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 2,757% over the years.

What is the land classification for Narayana Sami Street?

Narayana Sami Street is classified as Residential Class IV Type - I.

Where is the Neelankarai Sub Registrar Office located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

How is the stamp duty calculated for properties in Narayana Sami Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,54,000.