Guideline Value for Narasingapuram 2nd Street

Narasingapuram 2nd Street guideline value

The current guideline value of Narasingapuram 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO, and is classified as Residential Class II Type - II.

How the guideline value of Narasingapuram 2nd Street has changed

The guideline value for Narasingapuram 2nd Street has seen significant changes over the years. In the 2017 revision, the value was Rs 2,680 per sq.ft, which increased to Rs 4,000 per sq.ft in 2023, marking a 49% rise. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. It is important to note that the register has no figures for the years 2002, 2003, 2007, 2012, and there are no figures available for Narasingapuram 2nd Street in those revisions.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, which matches the current guideline value for Narasingapuram 2nd Street.

• Narasingapuram 1st Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 3rd Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 4th Cross Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 4th Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 5th Cross Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 5th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Narasingapuram 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narasingapuram 2nd Street?

The Sub Registrar Office that covers Narasingapuram 2nd Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Velachery. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the transaction.

When registering a property, the buyer must pay the applicable stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Narasingapuram 2nd Street?

The current guideline value of Narasingapuram 2nd Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2017, the guideline value has increased from Rs 2,680 per sq.ft to Rs 4,400 per sq.ft in 2024, marking a total increase of 64% over this period.

What is the stamp duty rate for properties in Narasingapuram 2nd Street?

The stamp duty rate for properties in Narasingapuram 2nd Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Velacheri Sub Registrar Office located?

The Velacheri Sub Registrar Office is located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What other streets in Velachery have the same guideline value?

Other streets in Velachery with the same guideline value of Rs 4,400 per sq.ft include Narasingapuram 1st Street, Narasingapuram 3rd Street, Narasingapuram 4th Cross Street, Narasingapuram 4th Street, and Narasingapuram 5th Cross Street.