Guideline Value for NARAYANAN STREET

Narayanan Street guideline value

The current guideline value of Narayanan Street in Pallikaranai village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - I.

How the guideline value of Narayanan Street has changed

The guideline value of Narayanan Street has seen significant changes over the years. In 2002, the value was Rs 78 per sq.ft, which increased to Rs 100 per sq.ft in 2003, marking a 28% rise. The value then surged to Rs 400 per sq.ft in 2007, reflecting a substantial increase of 300%. In 2012, the value remained at Rs 1,500 per sq.ft, showing no change from the previous revision. The next revision in 2023 also kept the value at Rs 1,500 per sq.ft.

However, from 2023 to 2024, the guideline value rose by 10% to reach Rs 1,650 per sq.ft. Overall, from 2002 to 2024, the guideline value has increased by an impressive 2015%.

Guideline values in Pallikaranai

In Pallikaranai, there are 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 is Rs 1,650 per sq.ft, which matches the current value of Narayanan Street.

• Narayanan Nagar: 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 Street

For a 1,000 sq.ft plot at the current rate of Rs 1,650 per sq.ft, the guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, while the registration fee at 2% would be Rs 33,000. Together, these costs total Rs 1,48,500. It is important to note that 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 Narayanan Street?

The Sub Registrar Office that covers Narayanan Street 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

The guideline value plays a crucial role in property transactions in Pallikaranai. It is used to determine the stamp duty and registration fees that need to be paid during the registration of a property. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements when transferring property ownership.

When a property is sold, the guideline value is considered as a benchmark for the transaction. It helps in assessing the fair value of the property and ensures that the government receives the appropriate revenue from the sale through stamp duty and registration fees.

Frequently asked questions

What is the current guideline value for Narayanan Street?

The current guideline value for Narayanan Street 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 changed significantly from Rs 78 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, reflecting an overall increase of 2015%.

What are the stamp duty and registration fees for properties in Narayanan Street?

For a property valued at 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 property registrations for Narayanan Street?

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

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It serves as a benchmark for assessing the fair value of properties in the area.