Guideline Value for NARAYANASAMY IIND STREET

Narayanasamy Iind Street guideline value

The current guideline value of Narayanasamy Iind Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Saidapet village and falls under the Chennai South Joint II SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Narayanasamy Iind Street has changed

In the 2007 revision, the guideline value was Rs 1,300 per sq.ft. This increased significantly to Rs 3,000 per sq.ft in the 2012 revision, marking a 131% rise. However, in the 2017 revision, the value dropped to Rs 2,010 per sq.ft, representing a decrease of 33%. The guideline value then rose to Rs 3,000 per sq.ft in 2023, and subsequently increased to Rs 3,300 per sq.ft in the 2024 revision, which is a 10% increase from the previous year. The register does not have figures for the years 2002 and 2003.

Overall, from 2007 to 2024, the guideline value has increased by 154%. The changes between the revisions reflect fluctuations in the guideline value over the years, with the most notable increase occurring between 2017 and 2023, which saw a 49% rise.

Guideline values in Saidapet

In Saidapet, there are 106 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, indicating that Narayanasamy Iind Street's 2024 figure is below this median.

• Narayanasamy Street (V.O.C. Street): Rs 4,400 per sq.ft (2024)
• Narayanasamy 1st Street: Rs 3,300 per sq.ft (2024)
• Nara Lane: Rs 3,300 per sq.ft (2024)
• Nagalingam Street: Rs 3,300 per sq.ft (2024)
• New Colony Main Road & 1 To 4 Cross Street: Rs 4,400 per sq.ft (2024)
• Murahari Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanasamy Iind Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, totaling Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can calculate your fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narayanasamy Iind Street?

The Sub Registrar Office covering Narayanasamy Iind Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. To find your SRO, visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Saidapet. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Narayanasamy Iind Street?

The current guideline value of Narayanasamy Iind Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,300 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 154% over the years.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% and the registration fee at 2% of the guideline value or sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the total fees would amount to Rs 2,97,000.

Which office handles property registrations in Saidapet?

The Chennai South Joint II Sub Registrar Office handles property registrations in Saidapet. It is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How does the guideline value affect property transactions?

The guideline value sets the minimum price for property registration and determines the stamp duty and registration fees. It plays a vital role in ensuring that property transactions are recorded accurately and fairly.