Guideline Value for Narasimhalala Street

Narasimhalala Street guideline value

The current guideline value of Narasimhalala Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village, under the Triplicane SRO, and is classified as Residential Class II Type - I.

How the guideline value of Narasimhalala Street has changed

The guideline value for Narasimhalala Street has undergone several revisions since 2007. The 2007 revision set the value at Rs 945 per sq.ft, which saw a significant increase to Rs 5,000 per sq.ft in 2012. However, this was followed by a decrease to Rs 3,350 per sq.ft in 2017. The most recent revision in 2024 shows a substantial increase to Rs 5,500 per sq.ft, reflecting a 64% rise from the 2017 figure.

From 2007 to 2012, the value increased by 429%, but then decreased by 33% from 2012 to 2017. Overall, from the 2007 revision to the current 2024 value, there has been an increase of 482%. The register has no figures for the years 2023, 2003, and 2002 for this street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that have a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft, with a median value of Rs 6,600 per sq.ft. The guideline value of Narasimhalala Street is below this median.

• Narasingapuram Street: Rs 16,500 per sq.ft (2024)
• Narayana Krishna Rajapuram St: Rs 5,500 per sq.ft (2024)
• Nammalwar Street: Rs 5,500 per sq.ft (2024)
• Namachivaya Mudali Street: Rs 5,500 per sq.ft (2024)
• Nallathambi Mudali Street Chennai-5: Rs 7,700 per sq.ft (2024)
• Nallathambi Chetty Street Chennai-2: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Narasimhalala Street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. 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 Narasimhalala Street?

The Sub Registrar Office that covers Narasimhalala Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Triplicane. It serves as the base value for calculating these charges, ensuring that all transactions reflect the official property values set by the government.

When registering a property, buyers should be aware that the stamp duty is calculated based on the higher of the guideline value or the sale price. This means that if the sale price exceeds the guideline value, the stamp duty will be based on the sale price instead.

Frequently asked questions

What is the current guideline value of Narasimhalala Street?

The current guideline value of Narasimhalala Street is Rs 5,500 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 945 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 482% over the years.

What is the land classification for Narasimhalala Street?

Narasimhalala Street is classified as Residential Class II Type - I, indicating its use for residential purposes.

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

The Sub Registrar Office for Narasimhalala Street is located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014.

How is stamp duty calculated for properties in Triplicane?

Stamp duty for properties in Triplicane is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the property transaction reflects the appropriate value as determined by the government.