Guideline Value for Narasingapuram 5th Street

Narasingapuram 5th Street guideline value

The current guideline value of Narasingapuram 5th Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village under the Velacheri SRO, classified as Residential Class II Type - II.

How the guideline value of Narasingapuram 5th Street has changed

The guideline value for Narasingapuram 5th Street has seen several revisions over the years. The earliest recorded figure is from 2017, where the value was Rs 2,680 per sq.ft. This increased to Rs 4,000 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 set the guideline value at Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

There are no recorded figures for the years 2002, 2003, 2007, and 2012 for this street. Overall, from 2017 to 2024, the guideline value has increased by 64%.

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 for these streets is Rs 4,400 per sq.ft, which aligns with the current guideline value of Narasingapuram 5th Street.

• Narasingapuram 5th Cross Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 6th Cross Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 4th Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 6th Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 4th Cross Street: Rs 4,400 per sq.ft (2024)
• Narasingapuram 7th Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Narasingapuram 5th 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 or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narasingapuram 5th Street?

The Sub Registrar Office that covers Narasingapuram 5th 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 details.

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

When buying or selling property in Velachery, the guideline value serves as a benchmark for determining the stamp duty and registration fees. The guideline value is used to ensure that the property is assessed at a fair value during the registration process.

This value is crucial for both buyers and sellers as it impacts the overall cost of the transaction, ensuring compliance with local regulations. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration of property.

Frequently asked questions

What is the current guideline value of Narasingapuram 5th Street?

The current guideline value of Narasingapuram 5th Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,680 per sq.ft in 2017 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 64% over this period.

What are the other streets with the same guideline value in Velachery?

Other streets in Velachery with the same guideline value of Rs 4,400 per sq.ft include Narasingapuram 5th Cross Street, Narasingapuram 6th Cross Street, Narasingapuram 4th Street, Narasingapuram 6th Street, Narasingapuram 4th Cross Street, and Narasingapuram 7th Cross Street.

What is the registration fee for property in Narasingapuram 5th Street?

The registration fee for property in Narasingapuram 5th Street is calculated at 2% of the guideline value. For a property valued at Rs 44,00,000, the registration fee would be Rs 88,000.

Where can I find the Sub Registrar Office for Narasingapuram 5th Street?

The Sub Registrar Office for Narasingapuram 5th Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.