Guideline Value for Nara Lane

Nara Lane guideline value

The current guideline value of Nara Lane, located in Naravarikuppam village under the Redhills SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Nara Lane has changed

The guideline value for Nara Lane has undergone several revisions over the years. In 2002, the value was set at Rs 3,471 per sq.ft, which was followed by a significant decrease in 2003 to Rs 353 per sq.ft. The value then increased to Rs 400 per sq.ft in 2007, and further rose to Rs 1,200 per sq.ft in 2012. However, it dropped again to Rs 804 per sq.ft in 2017. The most recent revisions show an increase to Rs 1,200 per sq.ft in 2023 and a further rise to Rs 1,320 per sq.ft in 2024.

From 2017 to 2023, there was a notable increase of 49%, while the increase from 2023 to 2024 was 10%. The 2012 to 2017 period saw a decrease of 33%, and the 2007 to 2012 period experienced a substantial increase of 200%. Overall, from 2002 to 2024, the guideline value has decreased by 62%. The register has no figure for the years not mentioned.

Guideline values in Naravarikuppam

Naravarikuppam village has a total of 112 streets under the Redhills SRO, with 2024 guideline values ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Nara Lane's current value below this median.

• Natesan Street: Rs 1,870 per sq.ft (2024)
• Muthusha Hussain Street: Rs 1,320 per sq.ft (2024)
• Muthuramalinga Devar Street: Rs 2,200 per sq.ft (2024)
• Nehru Street: Rs 1,870 per sq.ft (2024)
• Nethaji Street: Rs 1,870 per sq.ft (2024)
• Nethaji Street Lane: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in Nara Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty, charged at 7%, would be Rs 92,400, while the registration fee at 2% would be Rs 26,400. Together, the total cost for stamp duty and registration fee would be Rs 1,18,800. Duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Nara Lane?

The Sub Registrar Office that covers Nara Lane is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration of property transactions in Naravarikuppam. It is used to calculate the stamp duty and registration fees that buyers must pay when purchasing property.

When selling property, the guideline value serves as a benchmark for determining the minimum sale price. This ensures that all transactions are recorded at a value that reflects the prevailing rates in the area.

Frequently asked questions

What is the current guideline value of Nara Lane?

The current guideline value of Nara Lane is Rs 1,320 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 3,471 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, with various increases and decreases over the years.

What is the land classification of Nara Lane?

Nara Lane falls under the Residential Class III Type - I land classification, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for a property in Nara Lane?

For a 1,000 sq.ft plot, the total stamp duty and registration fee would amount to Rs 1,18,800, based on the current guideline value of Rs 1,320 per sq.ft.

Which office handles property registrations for Nara Lane?

The Redhills Sub Registrar Office handles property registrations for Nara Lane, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.