Guideline Value for NARAYANASAMY STREET (V.O.C. STREET)

Narayanasamy Street (V.O.C. Street) guideline value

The current guideline value of Narayanasamy Street (V.O.C. Street) is Rs 4,400 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 II Type - II.

How the guideline value of Narayanasamy Street (V.O.C. Street) has changed

The guideline value for Narayanasamy Street has undergone several revisions over the years. In 2002, the value was Rs 589 per sq.ft, which increased to Rs 806 per sq.ft in 2003, marking a rise of 37%. By 2007, the value saw a significant jump to Rs 1,300 per sq.ft, reflecting a 61% increase. The value then rose dramatically to Rs 4,000 per sq.ft in 2012, a 208% increase from the previous revision. However, it dropped to Rs 2,680 per sq.ft in 2017, showing a decrease of 33%. The value climbed again to Rs 4,000 per sq.ft in 2023, and finally reached Rs 4,400 per sq.ft in 2024, which is a 10% increase from the previous year. There are no figures available for the years not mentioned in this register.

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, which is equal to the current guideline value of Narayanasamy Street (V.O.C. Street).

• Narayanasamy Iind Street: Rs 3,300 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 Street (V.O.C. Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narayanasamy Street (V.O.C. Street)?

The Sub Registrar Office that covers Narayanasamy Street (V.O.C. 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. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Saidapet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of registration. Buyers and sellers must be aware of the current guideline value to ensure compliance with the legal requirements during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. 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 Street (V.O.C. Street)?

The current guideline value of Narayanasamy Street (V.O.C. Street) is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 589 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, showing an overall increase of 647% over the years.

What is the role of the Chennai South Joint II SRO?

The Chennai South Joint II SRO is responsible for maintaining the guideline values and overseeing property registrations in the Saidapet area.

How is the stamp duty calculated for properties in Narayanasamy Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.

Where can I find more information about the guideline values in Saidapet?

More information about the guideline values in Saidapet can be found in the Registration Department's guideline value register (TNReginet), which includes details for various streets in the area.