Guideline Value for Narasiman Street

Narasiman Street guideline value

The current guideline value of Narasiman Street is Rs 1,001 per sq.ft, effective from 1 July 2024. This street is located in Menambedu village under the Ambattur SRO, classified as Residential Class IV Type - I.

How the guideline value of Narasiman Street has changed

The guideline value for Narasiman Street has seen several revisions over the years. In 2012, the guideline value was Rs 800 per sq.ft, which increased to Rs 536 per sq.ft in 2017. This marked a decrease of 33%. Following this, the value rose significantly to Rs 1,000 per sq.ft in 2023, and then slightly increased to Rs 1,001 per sq.ft in 2024, showing no percentage change between 2023 and 2024. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2024, the overall change in guideline value is an increase of 25%. The jump from 2017 to 2023 reflects an increase of 87%, indicating a significant rise over the most recent revisions.

Guideline values in Menambedu

In Menambedu, there are 171 streets under the Ambattur SRO that carry a 2024 guideline value, ranging from Rs 1,000 to Rs 6,680 per sq.ft. The median value for these streets is Rs 1,003 per sq.ft, placing Narasiman Street's 2024 value below this median.

• Narayanan Nagar: Rs 1,002 per sq.ft (2024)
• Narayanan Nagar - 1st Street: Rs 1,002 per sq.ft (2024)
• Narayanan Street: Rs 1,300 per sq.ft (2024)
• Nehru Street: Rs 1,300 per sq.ft (2024)
• Netaji Street: Rs 1,300 per sq.ft (2024)
• New Building Colony: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Narasiman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,001 per sq.ft, the total guideline value would be Rs 10,01,000. The stamp duty at 7% would amount to Rs 70,070, and the registration fee at 2% would be Rs 20,020, totaling Rs 90,090. It is important to note that 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 Narasiman Street?

The Sub Registrar Office that covers Narasiman Street is the Ambattur Sub Registrar Office, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is crucial during the registration of property transactions in Menambedu. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when buying or selling property in the area.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Narasiman Street?

The current guideline value of Narasiman Street is Rs 1,001 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2012, the guideline value has changed from Rs 800 per sq.ft to Rs 1,001 per sq.ft in 2024, reflecting an overall increase of 25% over this period.

What is the stamp duty for property on Narasiman Street?

The stamp duty for a property valued at Rs 10,01,000 would be Rs 70,070, calculated at 7% of the guideline value.

Which office handles registrations for Narasiman Street?

The Ambattur Sub Registrar Office handles registrations for Narasiman Street, located at Villivakkam Panchayat Union Board, Office Compound, Dunlop Bus Stop, Ambattur-600 053, Chennai.

What other streets in Menambedu have guideline values?

Other streets in Menambedu include Narayanan Nagar and Narayanan Nagar - 1st Street, both at Rs 1,002 per sq.ft, and several others at Rs 1,300 per sq.ft.