Guideline Value for Narayana Nagar

Narayana Nagar guideline value

The current guideline value of Narayana Nagar in Manancheri village, under the Kunrathur SRO, is Rs 990 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class I Type - I.

How the guideline value of Narayana Nagar has changed

The guideline value for Narayana Nagar has seen several revisions over the years. In 2012, the guideline value was Rs 900 per sq.ft, which then dropped to Rs 603 per sq.ft in the 2017 revision. Following this, the value increased significantly to Rs 900 per sq.ft in 2023, and further rose to Rs 990 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between 2017 and 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Manancheri

In Manancheri, there are 59 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 550 to Rs 3,400 per sq.ft. The median value for these streets is Rs 990 per sq.ft, which is the same as the 2024 guideline value for Narayana Nagar. Below are other streets in Manancheri with their respective guideline values:

• Navidhar Street: Rs 990 per sq.ft (2024)
• M.M.Avenue: Rs 990 per sq.ft (2024)
• Padmavathy Nagar: Rs 990 per sq.ft (2024)
• Palayakara Street: Rs 660 per sq.ft (2024)
• Pallavaram Main Road: Rs 1,320 per sq.ft (2024)
• Mayana salai: Rs 990 per sq.ft (2024)

Stamp duty and registration fee for property in Narayana Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 990 per sq.ft, the total guideline value amounts to Rs 9,90,000. The stamp duty at 7% would be Rs 69,300, and the registration fee at 2% would be Rs 19,800, bringing the total fees together to Rs 89,100. 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 Narayana Nagar?

The Narayana Nagar area falls under the Kunrathur Sub Registrar Office located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Manancheri. It serves as a benchmark for determining the stamp duty and registration fees applicable to the sale or purchase of property in the area.

When a property is sold, the guideline value is used to calculate the applicable charges, ensuring that both buyers and sellers are aware of the financial obligations involved in the transaction. This system helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of Narayana Nagar?

The current guideline value of Narayana Nagar is Rs 990 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 900 per sq.ft in 2012 to Rs 603 per sq.ft in 2017, then increased to Rs 900 per sq.ft in 2023, and finally to Rs 990 per sq.ft in 2024.

What is the land classification for Narayana Nagar?

Narayana Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

How is stamp duty calculated in Narayana Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property with a guideline value of Rs 9,90,000 would incur a stamp duty of Rs 69,300 at 7%.

Where can I find the Sub Registrar Office for Narayana Nagar?

The Kunrathur Sub Registrar Office, which covers Narayana Nagar, is located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find more information by visiting the relevant link.