Guideline Value for Narasima Perumal Street (Ward-28)

Narasima Perumal Street (Ward-28) guideline value

The current guideline value of Narasima Perumal Street (Ward-28) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Narasima Perumal Street (Ward-28) has changed

The guideline value for Narasima Perumal Street has seen several revisions over the years. The earliest recorded figure is from the 2017 revision, which was Rs 804 per sq.ft. This increased significantly to Rs 1,200 per sq.ft in the 2023 revision, marking a 49% rise. The most recent revision in 2024 brought the value to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

There are no figures available for the revisions in the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 62%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Narasima Perumal Street's 2024 figure is below this median.

• Nangu Neri Nagar: Rs 1,300 per sq.ft (2024)
• Nandha Nagar: Rs 1,300 per sq.ft (2024)
• Nandan Nagar ( Ward No.26 ): Rs 1,300 per sq.ft (2024)
• Narayanasamy Naicken Street: Rs 1,600 per sq.ft (2024)
• Nanda Nagar, Lakshmipuram (Ward-26): Rs 1,300 per sq.ft (2024)
• Narayanasamy thottam ( Ward No.22 ): Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Narasima Perumal Street (Ward-28)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total to Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narasima Perumal Street (Ward-28)?

The Sub Registrar Office covering Narasima Perumal Street (Ward-28) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Madhavaram, as it determines the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations during the registration process.

When a property is sold, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Narasima Perumal Street?

The current guideline value of Narasima Perumal Street (Ward-28) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased from Rs 804 per sq.ft in 2017 to Rs 1,300 per sq.ft in 2024, which is an overall increase of 62% over this period.

What are the stamp duty and registration fees for a property in Narasima Perumal Street?

For a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 and the registration fee would be Rs 26,000, totaling Rs 1,17,000.

Which Sub Registrar Office covers Narasima Perumal Street?

The Madhavaram Sub Registrar Office covers Narasima Perumal Street (Ward-28), located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification of Narasima Perumal Street?

Narasima Perumal Street is classified as Residential Class III Type - I, indicating its designation for residential use within the area.