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 2 village under the Chennai Central Joint I SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Narasimhan Street has changed

The guideline value of Narasimhan Street has undergone several revisions over the years. In the 2023 revision, the value was set at Rs 7,000 per sq.ft. The most recent 2024 revision increased this figure to Rs 7,700 per sq.ft, marking a change of +10% from the previous year. The register has no figure for this street in the years 2017, 2012, 2007, 2003, and 2002.

To summarize the changes, the guideline value increased from Rs 7,000 per sq.ft in 2023 to Rs 7,700 per sq.ft in 2024. This reflects a notable adjustment in the valuation for Narasimhan Street, aligning it with the current market conditions.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median 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 guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, while the registration fee at 2% would be Rs 1,54,000. Together, the total cost for stamp duty and registration would be Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

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. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor during the registration process when buying or selling property in Mylapore Part 2. It serves as a reference point for determining the stamp duty and registration fees that are applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

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 and increased to Rs 7,700 per sq.ft in 2024, reflecting a change of +10%.

What is the median guideline value for streets in Mylapore Part 2?

The median guideline value for streets in Mylapore Part 2 is Rs 8,800 per sq.ft, which is above the current value of Narasimhan Street.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 77,00,000. The stamp duty would be Rs 5,39,000, and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

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.