Guideline Value for Narasima Nagar

Narasima Nagar guideline value

The current guideline value of Narasima Nagar, located in Uthiramerur village under the Uthiramerur SRO, is Rs 700 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Narasima Nagar has changed

The guideline value for Narasima Nagar has seen several revisions over the years. In the 2007 revision, the value was Rs 100 per sq.ft, which increased significantly to Rs 700 per sq.ft in the 2012 revision, marking a rise of 600%. However, it then dropped to Rs 469 per sq.ft in the 2017 revision, a decrease of 33%. The value remained at Rs 700 per sq.ft in both the 2023 and 2024 revisions, reflecting no change from 2023 to 2024 and an overall increase of 49% from 2017 to 2023.

The revisions for the years 2002 and 2003 have no figures available for this street in the register. Overall, from 2007 to 2024, the guideline value has increased by 600%.

Guideline values in Uthiramerur

In Uthiramerur, there are 180 streets under the Uthiramerur SRO, with guideline values for 2024 ranging from Rs 200 to Rs 1,800 per sq.ft. The median value is Rs 800 per sq.ft, which means Narasima Nagar's guideline value is below this median.

• Naloor Kulakkarai: Rs 700 per sq.ft (2024)
• Nalloor Melandai Street: Rs 700 per sq.ft (2024)
• Nalloor Kizhandai street: Rs 700 per sq.ft (2024)
• Nalloor Kalani: Rs 700 per sq.ft (2024)
• Neeradi Battai Street: Rs 700 per sq.ft (2024)
• Neeradi East Street: Rs 700 per sq.ft (2024)

Stamp duty and registration fee for property in Narasima Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 700 per sq.ft, the total guideline value would be Rs 7,00,000. The stamp duty at 7% would amount to Rs 49,000, and the registration fee at 2% would be Rs 14,000, bringing the total cost to Rs 63,000. It is important to note that the 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 Narasima Nagar?

The Sub Registrar Office that covers Narasima Nagar is the Uthiramerur Sub Registrar Office, located at No.16, Sundara Vardharaja Perumal Koil Sannathi Street, Uthiramerur- 603406, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Uthiramerur. It serves as the base value for calculating stamp duty and registration fees, ensuring that the government receives revenue based on the property's assessed worth.

When registering a property, the buyer must pay the stamp duty and registration fees based on the higher value between the guideline value and the sale price. This ensures that transactions are fairly taxed according to the established guideline values.

Frequently asked questions

What is the current guideline value of Narasima Nagar?

The current guideline value of Narasima Nagar is Rs 700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, with the most significant increase occurring from Rs 100 per sq.ft in 2007 to Rs 700 per sq.ft in 2012. It remained at Rs 700 per sq.ft in 2023 and 2024.

What is the land classification for Narasima Nagar?

Narasima Nagar is classified as Residential Class III Type - I, indicating its designation for residential development.

What are the stamp duty and registration fees for property in Narasima Nagar?

The stamp duty is 7%, and the registration fee is 2% of the guideline value or sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 700 per sq.ft would incur a total of Rs 63,000 in fees.

Which office handles registrations for Narasima Nagar?

The Uthiramerur Sub Registrar Office is responsible for handling registrations in Narasima Nagar. It is located at No.16, Sundara Vardharaja Perumal Koil Sannathi Street, Uthiramerur- 603406, Chengalpattu registration zone.