Guideline Value for Narasima Nagar

Narasima Nagar guideline value

The current guideline value for Narasima Nagar is Rs 400 per sq.ft, effective from 1 July 2024. This area is located in Vedapalayam village under the Uthiramerur SRO, classified as Residential Class I Type - I.

How the guideline value of Narasima Nagar has changed

In the 2012 revision, the guideline value was set at Rs 400 per sq.ft. This remained unchanged until the 2017 revision, where it decreased to Rs 268 per sq.ft. Following this, the guideline value increased significantly to Rs 400 per sq.ft in the 2023 revision, maintaining the same rate in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, there was a notable increase of 49% from 2017 to 2023. Overall, from 2012 to 2024, the guideline value has remained stable at Rs 400 per sq.ft.

Guideline values in Vedapalayam

In Vedapalayam, there are 29 streets under the Uthiramerur SRO that carry a 2024 guideline value, ranging from Rs 200 to Rs 900 per sq.ft. The median guideline value for these streets is Rs 400 per sq.ft, placing Narasima Nagar's 2024 figure at this median level.

• Muthu Krishna Avenu: Rs 400 per sq.ft (2024)
• New Selva Seeman Extension: Rs 600 per sq.ft (2024)
• Nukallamman Koil Street: Rs 600 per sq.ft (2024)
• M.G.R Nagar: Rs 400 per sq.ft (2024)
• Mannan Kodisai 3st Street: Rs 300 per sq.ft (2024)
• Mannan Kodisai 2st Street: Rs 300 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 400 per sq.ft, the total guideline value amounts to Rs 4,00,000. The stamp duty at 7% would be Rs 28,000, and the registration fee at 2% would be Rs 8,000, bringing the total fees to Rs 36,000. 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 information.

Which Sub Registrar Office covers Narasima Nagar?

The Narasima Nagar area falls under 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 details.

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

The guideline value is a critical factor during the registration of property transactions in Vedapalayam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives appropriate revenue from property transactions.

When buying or selling property, the guideline value serves as a benchmark for the transaction. If the sale price is higher than the guideline value, the stamp duty is calculated based on the sale price. This ensures transparency and fairness in property dealings.

Frequently asked questions

What is the current guideline value of Narasima Nagar?

The current guideline value of Narasima Nagar is Rs 400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen various changes, with notable revisions in 2012, 2017, 2023, and 2024. The value decreased from Rs 400 per sq.ft in 2012 to Rs 268 per sq.ft in 2017, then increased to Rs 400 per sq.ft in 2023 and has remained the same in 2024.

What is the land classification of Narasima Nagar?

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

Where can I find the Uthiramerur Sub Registrar Office?

The Uthiramerur Sub Registrar Office is located at No.16, Sundara Vardharaja Perumal Koil Sannathi Street, Uthiramerur- 603406, Chengalpattu registration zone.

How is stamp duty calculated for properties in Narasima Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 4,00,000, the stamp duty would be Rs 28,000 at a rate of 7%.