Guideline Value for NARAYANAN STREET

Narayanan Street guideline value

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

How the guideline value of Narayanan Street has changed

Since the 2002 revision, the guideline value for Narayanan Street has seen significant changes. In 2002, the value was Rs 712 per sq.ft, which increased to Rs 800 per sq.ft in 2003, marking a 12% rise. By 2007, the value further increased to Rs 850 per sq.ft, a 6% change. The 2012 revision saw a notable jump to Rs 2,000 per sq.ft, reflecting a 135% increase from 2007. However, in 2017, the value dropped to Rs 1,340 per sq.ft, a decrease of 33%. The 2023 revision brought the value back up to Rs 2,000 per sq.ft, and the most recent 2024 revision increased it to Rs 2,200 per sq.ft, representing a 10% rise.

Throughout these years, the overall increase from 2002 to 2024 is 209%. There are no figures available for the revisions in years other than those listed, specifically for this street.

Guideline values in Padi

Padi village has a total of 354 streets under the Villivakkam SRO, with guideline values ranging from Rs 2,200 to Rs 13,200 per sq.ft as of 2024. The median value for these streets is Rs 3,800 per sq.ft, placing Narayanan Street's 2024 figure below this median.

• Narayana Bakthar Colony 5th Street: Rs 2,200 per sq.ft (2024)
• 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)
• New Balaji Appartments: Rs 5,400 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total fees together 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 information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narayanan Street?

The Sub Registrar Office that covers Narayanan 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 the basis for calculating the stamp duty and registration fees, which are mandatory for property transactions.

When a property is registered, the guideline value is considered to ensure that the transaction is recorded at a fair value, reflecting the current market conditions as assessed by the authorities. This helps maintain transparency in property dealings within the region.

Frequently asked questions

What is the current guideline value of Narayanan Street?

The current guideline value of Narayanan 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 significantly from Rs 712 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 209% over this period.

What is the land classification of Narayanan Street?

Narayanan Street is classified as Residential Class V Type - II, indicating its use for residential purposes.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions in Narayanan Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Narayanan Street?

The Villivakkam Sub Registrar Office covers Narayanan Street and is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.