Guideline Value for Narasimman Nagar 1st Street

Narasimman Nagar 1st Street guideline value

The current guideline value of Narasimman Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Kodungaiyur village under the Madhavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Narasimman Nagar 1st Street has changed

The guideline value for Narasimman Nagar 1st Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which remained unchanged until the 2023 revision. In 2023, the guideline value was updated to Rs 2,500 per sq.ft, and then increased to Rs 2,700 per sq.ft in the 2024 revision, marking an 8% increase from the previous year.

There are no figures available for the revisions in 2002, 2003, 2007, and 2017 for this street. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 8%.

Guideline values in Kodungaiyur

In Kodungaiyur, there are 1,318 streets under the Madhavaram SRO that carry a 2024 guideline value, ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median value is Rs 2,700 per sq.ft, which is equal to the current guideline value of Narasimman Nagar 1st Street.

• Narasimman Kallarai Salai: Rs 2,700 per sq.ft (2024)
• Narasimman Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Narasimman Nagar 3rd Street: Rs 2,700 per sq.ft (2024)
• Narasimman Nagar 4th Street: Rs 2,700 per sq.ft (2024)
• Narasimman Nagar 5th Street: Rs 2,700 per sq.ft (2024)
• Narasimma Reddiyar nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Narasimman Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would be Rs 1,89,000, and the registration fee at 2% would be Rs 54,000. Together, these fees amount to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Narasimman Nagar 1st Street?

The Sub Registrar Office that covers Narasimman Nagar 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Kodungaiyur. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property being exchanged. It is essential for buyers and sellers to be aware of the current guideline value to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of Narasimman Nagar 1st Street?

The current guideline value of Narasimman Nagar 1st Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased by 8% from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024. Overall, from 2012 to 2024, the increase is also 8%.

What are the stamp duty rates for properties in Narasimman Nagar 1st Street?

The stamp duty for properties in Narasimman Nagar 1st Street is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Narasimman Nagar 1st Street?

The Sub Registrar Office for Narasimman Nagar 1st Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

What is the land classification for Narasimman Nagar 1st Street?

Narasimman Nagar 1st Street is classified as Residential Class I Type - I, which indicates its suitability for residential development.