Guideline Value for Narasimman Street

Narasimman Street guideline value

The current guideline value of Narasimman Street in Peerklankaranai village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - III.

How the guideline value of Narasimman Street has changed

The guideline value for Narasimman Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then saw a decrease to Rs 804 per sq.ft in the 2017 revision. However, this was followed by a significant increase to Rs 1,200 per sq.ft in 2023, and the most recent revision in 2024 raised it to Rs 1,320 per sq.ft. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, the value decreased by 33%, but from 2017 to 2023, it increased by 49%. The overall change from 2012 to 2024 is an increase of 10%.

Guideline values in Peerklankaranai

Peerklankaranai village has a total of 322 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 880 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Narasimman Street's 2024 value below this median.

• Navalar Street: Rs 1,100 per sq.ft (2024)
• Nalayini Street: Rs 1,320 per sq.ft (2024)
• Nehru Street: Rs 1,100 per sq.ft (2024)
• Muthuswamy street ext(srinivasa nagar): Rs 1,650 per sq.ft (2024)
• Muthuswamy Cross st: Rs 1,320 per sq.ft (2024)
• Muthuswami Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Narasimman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. 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 information.

Which Sub Registrar Office covers Narasimman Street?

The Sub Registrar Office that covers Narasimman Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a critical factor when registering property transactions in Peerklankaranai. It is used to determine the stamp duty and registration fees that need to be paid during the property registration process.

When a buyer or seller engages in a transaction, the guideline value ensures that the property is assessed fairly for taxation purposes. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Narasimman Street?

The current guideline value of Narasimman Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then back to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the land classification of Narasimman Street?

Narasimman Street is classified as Residential Class I Type - III.

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

For a 1,000 sq.ft plot, the total guideline value is Rs 13,20,000, with a stamp duty of Rs 92,400 and a registration fee of Rs 26,400, totaling Rs 1,18,800.

Which office handles property registrations for Narasimman Street?

The Tambaram Joint 1 Sub Registrar Office handles property registrations for Narasimman Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.