Guideline Value for NARAYANASAMY 1ST STREET

Narayanasamy 1st Street guideline value

The current guideline value of Narayanasamy 1st Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village, under the Neelankarai SRO, and is classified as Residential Class IV Type - I.

How the guideline value of Narayanasamy 1st Street has changed

The guideline value for Narayanasamy 1st Street has undergone several revisions over the years. In 2003, the value was Rs 86 per sq.ft, which increased significantly to Rs 1,000 per sq.ft in 2007, marking a rise of 1,063%. The value then saw a substantial increase to Rs 2,000 per sq.ft in 2012, representing a 100% increase. However, it dropped to Rs 1,340 per sq.ft in 2017, a decrease of 33%. The value rose again to Rs 2,000 per sq.ft in 2023, and most recently, it has increased to Rs 2,200 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2003 to 2024, the guideline value has increased by 2,458%. It is important to note that there is no figure available for Narayanasamy 1st Street in the 2002 revision.

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 Narayanasamy 1st Street's 2024 figure below that median.

• Narayana Sami 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 Narayanasamy 1st Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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, totaling Rs 1,98,000. It is important to note that 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 Narayanasamy 1st Street?

The Sub Registrar Office that covers Narayanasamy 1st 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 additional information.

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

The guideline value is a critical factor when registering property transactions in Palavakkam. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that the government receives appropriate revenue from property sales.

When buying or selling property, the guideline value helps to determine the minimum price at which a property can be registered. Buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price, whichever is applicable.

Frequently asked questions

What is the current guideline value of Narayanasamy 1st Street?

The current guideline value of Narayanasamy 1st 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 seen several revisions, starting from Rs 86 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 2,458% over this period.

What is the median guideline value for streets in Palavakkam?

The median guideline value for the 349 streets in Palavakkam is Rs 3,300 per sq.ft, with Narayanasamy 1st Street's current value being below this median.

What are the stamp duty and registration fees for properties in Narayanasamy 1st Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000, and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Narayanasamy 1st Street?

The Neelankarai Sub Registrar Office handles registrations for Narayanasamy 1st Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.