Guideline Value for NARMATHA STREET

Narmatha Street guideline value

The current guideline value of Narmatha Street in Kolathuvancheri village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class III Type - I.

How the guideline value of Narmatha Street has changed

The guideline value for Narmatha Street has undergone several revisions over the years. In 2012, the guideline value was Rs 1,500 per sq.ft. This figure decreased to Rs 1,005 per sq.ft in 2017, marking a reduction of 33%. However, from 2017 to 2023, the value increased significantly to Rs 1,500 per sq.ft, representing a rise of 49%. The latest revision in 2024 set the guideline value at Rs 1,650 per sq.ft, which is a 10% increase from the previous year.

It is important to note that there are no available figures for Narmatha Street in the revisions from 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current value of Narmatha Street.

• Muthu Nagar: Rs 1,320 per sq.ft (2024)
• Muthamil Nagar 2st Street: Rs 1,870 per sq.ft (2024)
• Muthamil Nagar 1st Street: Rs 1,870 per sq.ft (2024)
• Muthamil Nagar: Rs 1,870 per sq.ft (2024)
• N.S.K. Avenue: Rs 1,650 per sq.ft (2024)
• Pallavan Nagar: Rs 1,320 per sq.ft (2024)

Stamp duty and registration fee for property in Narmatha Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total amount for these fees to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Narmatha Street?

Narmatha Street is covered by 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 more information.

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

The guideline value is a crucial factor when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the stamp duty and registration fees that are applicable during the registration process. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is registered, the guideline value is used to calculate the applicable fees, which can significantly impact the overall cost of the transaction. It is essential for both parties to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Narmatha Street?

The current guideline value of Narmatha Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Narmatha Street?

Narmatha Street is classified as Residential Class III Type - I.

Where can I find the registration office for Narmatha Street?

The registration office for Narmatha Street 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.

How do stamp duty and registration fees work in Kolathuvancheri?

Stamp duty and registration fees are calculated based on the guideline value of the property. The fees are determined by the higher of the guideline value or the sale price, ensuring that the appropriate amounts are paid during the registration process.