Guideline Value for Narasiman Street

Narasiman Street guideline value

The current guideline value of Narasiman Street is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Chikkarayapuram village under the Kunrathur SRO, classified as Mixed Special Type - I.

How the guideline value of Narasiman Street has changed

The guideline value for Narasiman Street has undergone several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 46 per sq.ft. This increased to Rs 200 per sq.ft in 2007, marking a significant rise of 335%. The value then jumped to Rs 1,400 per sq.ft in 2012, reflecting an increase of 600%. However, between 2012 and 2017, the value decreased to Rs 938 per sq.ft, a drop of 33%. The next revision in 2023 saw the value rise to Rs 1,800 per sq.ft, a substantial increase of 92%. Currently, the guideline value stands at Rs 1,980 per sq.ft as of the 2024 revision, which is a 10% increase from the previous year.

It is important to note that there is no figure available in the register for the year 2002 for Narasiman Street. Overall, from 2003 to 2024, the guideline value has increased by 4204%.

Guideline values in Chikkarayapuram

In Chikkarayapuram, there are 61 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 1,430 to Rs 2,800 per sq.ft. The median value for these streets is Rs 1,980 per sq.ft, which is equal to the guideline value of Narasiman Street.

• Moogambigai Nagar/Extension Housing Society: Rs 1,980 per sq.ft (2024)
• Moogambigai nagar extension 2: Rs 1,980 per sq.ft (2024)
• Moogambigai Nagar Extension: Rs 1,980 per sq.ft (2024)
• Mettu street: Rs 1,760 per sq.ft (2024)
• Mariamman Koil Street: Rs 1,980 per sq.ft (2024)
• Pathmavathi Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Narasiman Street

For a 1,000 sq.ft plot at the current rate of Rs 1,980 per sq.ft, the guideline value amounts to Rs 19,80,000. The stamp duty at 7% would be Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total to Rs 1,78,200. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narasiman Street?

The Narasiman Street falls under the jurisdiction of the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chikkarayapuram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with 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 based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Narasiman Street?

The current guideline value of Narasiman Street is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 46 per sq.ft in 2003 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 4204% over the years.

What is the land classification for Narasiman Street?

Narasiman Street is classified as Mixed Special Type - I under the land classification guidelines.

What is the stamp duty rate for properties on Narasiman Street?

The stamp duty rate for properties in Narasiman Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Narasiman Street?

The Sub Registrar Office covering Narasiman Street is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.