Guideline Value for NARAYANAPURAM

Narayanapuram guideline value

The current guideline value of Narayanapuram, located in Pallikaranai village, is Rs 2,750 per sq.ft, effective from 1 July 2024. This area falls under the Chennai South Joint I SRO and is classified as Residential Special Type - I.

How the guideline value of Narayanapuram has changed

The guideline value for Narayanapuram has seen several revisions over the years. Starting from Rs 321 per sq.ft in 2002, it increased to Rs 377 per sq.ft in 2003, marking a 17% rise. By 2007, the value further increased to Rs 2,386 per sq.ft, reflecting a significant jump of 533%. The value then reached Rs 2,500 per sq.ft in 2012, which was a modest increase of 5% from the previous revision.

In 2017, the guideline value was revised to Rs 1,675 per sq.ft, indicating a decrease of 33%. The most recent revision in 2024 set the value at Rs 2,750 per sq.ft, representing a 64% increase from 2017. It is important to note that there is no figure available for the year 2023 in the register for this street.

Guideline values in Pallikaranai

Pallikaranai village has 749 streets under the Chennai South Joint I SRO, with 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Narayanapuram's 2024 guideline value above this median.

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

Stamp duty and registration fee for property in Narayanapuram

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, making the total cost Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narayanapuram?

The Sub Registrar Office that covers Narayanapuram 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 further assistance.

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

The guideline value is a crucial reference point during the registration of property transactions in Pallikaranai. It helps determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When buying or selling property, it is essential to be aware of the current guideline value, as it impacts the overall cost of the transaction. This ensures that all parties involved are informed about the financial obligations associated with the property transfer.

Frequently asked questions

What is the current guideline value of Narayanapuram?

The current guideline value of Narayanapuram is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value of Narayanapuram changed over the years?

The guideline value has changed from Rs 321 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 757%.

What is the land classification of Narayanapuram?

Narayanapuram is classified as Residential Special Type - I, indicating its suitability for residential development.

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

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles the registration for Narayanapuram?

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