Guideline Value for NARAYANAN NAGAR

Narayanan Nagar guideline value

The current guideline value of Narayanan Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - I.

How the guideline value of Narayanan Nagar has changed

The guideline value for Narayanan Nagar has seen several revisions over the years. The 2007 revision set the value at Rs 1,000 per sq.ft, which increased to Rs 1,500 per sq.ft in 2012. This figure remained unchanged until the 2023 revision, which also listed it at Rs 1,500 per sq.ft. The most recent 2024 revision has raised the guideline value to Rs 1,650 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 65%. Notably, there are no figures available for the years 2002, 2003, and 2017 for this street.

Guideline values in Pallikaranai

Pallikaranai has a total of 749 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for this area is Rs 1,650 per sq.ft, which is the same as the current value for Narayanan Nagar.

• Narayanan Street: Rs 1,650 per sq.ft (2024)
• Narayanapuram: Rs 2,750 per sq.ft (2024)
• Narayanapuram Erikarai Salai: Rs 2,420 per sq.ft (2024)
• Narasimhan Street: Rs 1,650 per sq.ft (2024)
• Nakeerar Street: Rs 2,200 per sq.ft (2024)
• Neelavathy Nagar (Neela Nagar): Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narayanan Nagar?

The Sub Registrar Office that covers Narayanan Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

When buying or selling property in Pallikaranai, the guideline value plays a crucial role in determining the stamp duty and registration fees. These fees are calculated based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

It is essential for buyers and sellers to be aware of the current guideline value when planning a transaction, as it directly affects the overall cost involved in the registration process. Understanding these values can help in making informed decisions during property dealings.

Frequently asked questions

What is the current guideline value of Narayanan Nagar?

The current guideline value of Narayanan Nagar is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,000 per sq.ft in 2007 to Rs 1,650 per sq.ft in 2024, marking a total increase of 65% over the years.

What are the other streets in Pallikaranai with similar guideline values?

Other streets in Pallikaranai with a guideline value of Rs 1,650 per sq.ft include Narayanan Street and Narasimhan Street, both reflecting the same value for 2024.

What are the stamp duty and registration fees for property in Narayanan Nagar?

For a 1,000 sq.ft plot, the total guideline value is Rs 16,50,000. The stamp duty would be Rs 1,15,500, and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles registrations for Narayanan Nagar?

The Chennai South Joint I Sub Registrar Office handles registrations for Narayanan Nagar, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.