Guideline Value for Narayana Naicken 2nd street

Narayana Naicken 2nd street guideline value

The current guideline value for Narayana Naicken 2nd street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Egmore village and falls under the Periamet SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Narayana Naicken 2nd street has changed

The guideline value for Narayana Naicken 2nd street has seen significant changes over the years. In 2002, the guideline value was Rs 749 per sq.ft, which increased to Rs 826 per sq.ft in 2003. The value continued to rise, reaching Rs 1,200 per sq.ft in 2007, and then saw a substantial jump to Rs 6,500 per sq.ft in 2012. However, it decreased to Rs 4,355 per sq.ft in 2017, before climbing again to Rs 6,500 per sq.ft in 2023, and finally reaching Rs 7,100 per sq.ft in 2024.

Overall, the changes from the 2002 revision to the 2024 revision reflect an increase of 848%. Notably, the revision from 2023 to 2024 shows a rise of 9%, while the increase from 2017 to 2023 was 49%. There are no figures available for the revisions from years not mentioned in the list.

Guideline values in Egmore

In Egmore village, there are 465 streets under the Periamet SRO that carry a 2024 guideline value, ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value is Rs 7,100 per sq.ft, which is equal to the current guideline value for Narayana Naicken 2nd street.

• Narayana Naicken 2nd lane: Rs 7,100 per sq.ft (2024)
• Narayana Naicken 3rd lane: Rs 7,100 per sq.ft (2024)
• Narayana Naicken 1st lane: Rs 7,100 per sq.ft (2024)
• Narayana Naicken 4th lane: Rs 7,100 per sq.ft (2024)
• Narayana Naicken 12th lane: Rs 7,100 per sq.ft (2024)
• Narayana Naicken 5h lane: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Narayana Naicken 2nd street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. 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 information.

Which Sub Registrar Office covers Narayana Naicken 2nd street?

The Sub Registrar Office that covers Narayana Naicken 2nd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. For more details, you can find your SRO.

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

The guideline value plays a crucial role during the registration of property transactions in Egmore. It serves as a benchmark for determining the minimum sale price of properties, ensuring that transactions are recorded at a fair value.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value for Narayana Naicken 2nd street?

The current guideline value for Narayana Naicken 2nd street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 749 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, showing an overall increase of 848% over this period.

What is the land classification for Narayana Naicken 2nd street?

The land classification for Narayana Naicken 2nd street is Residential Class II Type - I.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office for Narayana Naicken 2nd street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 71,00,000 would incur a stamp duty of Rs 4,97,000 and a registration fee of Rs 1,42,000.