Guideline Value for Narasimma Pillai Street

Narasimma Pillai Street guideline value

The current guideline value for Narasimma Pillai Street is Rs 5,000 per sq.ft, effective from 1 July 2024. This street is located in Adayar village, under the Adayar SRO, and is classified as Residential Class III Type - I.

How the guideline value of Narasimma Pillai Street has changed

Over the years, the guideline value of Narasimma Pillai Street has seen significant changes. The earliest recorded revision was in 2007, with a value of Rs 1,750 per sq.ft. This increased to Rs 4,500 per sq.ft in 2012, marking a substantial rise of 157%. However, in 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of 33%. The most recent revisions show a steady increase, with the guideline value rising to Rs 4,500 per sq.ft in 2023, and further to Rs 5,000 per sq.ft in 2024, reflecting an increase of 11% from the previous year.

The register has no figures for Narasimma Pillai Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 186%.

Guideline values in Adayar

In Adayar, there are 92 streets under the Adayar SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 15,400 per sq.ft, with a median value of Rs 6,100 per sq.ft. Narasimma Pillai Street's 2024 guideline value is below this median.

• Naidu Street Balakrishnan Lane: Rs 5,500 per sq.ft (2024)
• Naidu Street and 4th Main Road Extension (Kottur Garden): Rs 9,400 per sq.ft (2024)
• Naidu Street: Rs 9,400 per sq.ft (2024)
• Naidu Lane 2nd Street: Rs 6,100 per sq.ft (2024)
• Naidu Lane 1 Street: Rs 6,100 per sq.ft (2024)
• Naidu 4th Cross Street: Rs 6,100 per sq.ft (2024)

Stamp duty and registration fee for property in Narasimma Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,000 per sq.ft, the total guideline value would be Rs 50,00,000. The stamp duty at 7% would amount to Rs 3,50,000, and the registration fee at 2% would be Rs 1,00,000, making the total charges Rs 4,50,000. It is important to note that the 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 accurate calculations.

Which Sub Registrar Office covers Narasimma Pillai Street?

Narasimma Pillai Street falls under the jurisdiction of the Adayar Sub Registrar Office, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20. You can find your SRO for more information.

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

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

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Narasimma Pillai Street?

The current guideline value of Narasimma Pillai Street is Rs 5,000 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 1,750 per sq.ft in 2007 to Rs 5,000 per sq.ft in 2024, marking an overall increase of 186% over the years.

What are the stamp duty and registration fees for property in Narasimma Pillai Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 50,00,000, the total charges would be Rs 4,50,000.

Which Sub Registrar Office covers Narasimma Pillai Street?

The Adayar Sub Registrar Office covers Narasimma Pillai Street, located at 51, Kamaraj Avenue, Second Street, Adyar, Chennai-20.

What is the land classification for Narasimma Pillai Street?

Narasimma Pillai Street is classified as Residential Class III Type - I, indicating its suitability for residential purposes.