Guideline Value for Narasingapuram Extn 7th Cross Street

Narasingapuram Extn 7th Cross Street guideline value

The current guideline value of Narasingapuram Extn 7th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Velachery village, under the Velacheri SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Narasingapuram Extn 7th Cross Street has changed

The guideline value has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, which is a 10% increase from the 2023 revision of Rs 4,000 per sq.ft. Prior to that, the 2012 revision also recorded the value at Rs 4,000 per sq.ft, showing no change from 2012 to 2023. The register has no figure for the years 2017, 2007, 2003, and 2002 for this street.

Overall, from 2012 to 2024, the guideline value has increased by 10%. This consistent rise reflects the latest updates in the valuation of properties in the area.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO that have 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 is equal to the guideline value of Narasingapuram Extn 7th Cross Street.

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

Stamp duty and registration fee for property in Narasingapuram Extn 7th Cross 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 cost to Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Narasingapuram Extn 7th Cross Street?

The Narasingapuram Extn 7th Cross Street falls under the Velacheri Sub Registrar Office. The address is 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 during the registration of property transactions in Velachery. 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 a buyer or seller engages in a property transaction, the guideline value helps in assessing the financial implications of the sale. It is essential for both parties to be aware of this value to understand the costs associated with the transaction.

Frequently asked questions

What is the current guideline value of Narasingapuram Extn 7th Cross Street?

The current guideline value of Narasingapuram Extn 7th Cross 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 seen an increase from Rs 4,000 per sq.ft in 2023 to Rs 4,400 per sq.ft in 2024, marking a 10% rise. It remained at Rs 4,000 per sq.ft from 2012 to 2023, with no figures available for the years 2017, 2007, 2003, and 2002.

What is the land classification for Narasingapuram Extn 7th Cross Street?

The land classification for Narasingapuram Extn 7th Cross Street is Residential Class II Type - II.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000. These fees are based on the higher of the guideline value or the sale price.

Which office handles the registration of properties in Narasingapuram Extn 7th Cross Street?

The Velacheri Sub Registrar Office handles the registration of properties in Narasingapuram Extn 7th Cross Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.