Guideline Value for Narasimhan Street

Narasimhan Street guideline value

The current guideline value of Narasimhan Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Narasimhan Street has changed

The guideline value for Narasimhan Street has undergone several revisions over the years. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 7,000 per sq.ft. With the latest revision in 2024, this value increased by 10% to Rs 7,700 per sq.ft.

This increase reflects the changes that have occurred in the guideline value over the recent years. The 2024 figure of Rs 7,700 per sq.ft is a notable rise from the previous year's value of Rs 7,000 per sq.ft.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Narasimhan Street's 2024 figure below this median.

• Nandanam Extention 9th Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 8th Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 7th Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 6th Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 5th Street: Rs 14,300 per sq.ft (2024)
• Nandanam Extention 4th Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Narasimhan Street

For a 1,000 sq.ft plot at the current rate of Rs 7,700 per sq.ft, the guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, totaling Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narasimhan Street?

The Sub Registrar Office that covers Narasimhan Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value is a crucial factor in the registration process for property transactions in Mylapore Part 1. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in the property market.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial obligations associated with the transfer of property ownership.

Frequently asked questions

What is the current guideline value of Narasimhan Street?

The current guideline value of Narasimhan Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Narasimhan Street was Rs 7,000 per sq.ft in 2023, which increased to Rs 7,700 per sq.ft in 2024. The register does not contain figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the median guideline value in Mylapore Part 1?

The median guideline value for streets in Mylapore Part 1 is Rs 8,800 per sq.ft. Narasimhan Street's 2024 figure of Rs 7,700 per sq.ft is below this median.

What are the stamp duty and registration fees for properties on Narasimhan Street?

For a 1,000 sq.ft plot on Narasimhan Street, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000. The duty is charged on the higher of the guideline value and the sale price.

Where is the Sub Registrar Office for Narasimhan Street located?

The Chennai Central Joint I Sub Registrar Office is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014, and it covers Narasimhan Street.