Guideline Value for Narayanan Nagar (ward 6)

Narayanan Nagar (ward 6) guideline value

The current guideline value of Narayanan Nagar (ward 6) is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kolapakkam village and falls under the Pammal SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Narayanan Nagar (ward 6) has changed

The guideline value for Narayanan Nagar (ward 6) has undergone several revisions over the years. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which reflects a 10% increase from the 2023 revision of Rs 2,500 per sq.ft. The 2023 revision itself marked a significant rise of 49% from the 2017 revision, which was Rs 1,675 per sq.ft.

Looking further back, the register has no 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 Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, placing Narayanan Nagar (ward 6) above this median.

• Namadhu Nagar: Rs 2,200 per sq.ft (2024)
• Nehru Street: Rs 1,980 per sq.ft (2024)
• Nutech Inscape: Rs 3,080 per sq.ft (2024)
• M.R.K Nagar: Rs 2,200 per sq.ft (2024)
• Ottravadai Street (ward 6): Rs 1,650 per sq.ft (2024)
• Ottravadai Street (ward 7): Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanan Nagar (ward 6)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Narayanan Nagar (ward 6)?

The Sub Registrar Office that covers Narayanan Nagar (ward 6) is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kolapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction. Buyers and sellers must consider this value to ensure compliance with the local regulations.

When a property is sold, the guideline value is used to calculate the applicable duties and fees, ensuring that they are based on a standardized valuation. This helps maintain transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Narayanan Nagar (ward 6)?

The current guideline value of Narayanan Nagar (ward 6) is Rs 2,750 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

From 2017 to 2024, the guideline value has increased by 64%. The most recent revision in 2024 saw a 10% increase from the previous year.

What is the land classification of Narayanan Nagar (ward 6)?

Narayanan Nagar (ward 6) is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is the stamp duty calculated for properties in Narayanan Nagar (ward 6)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the total guideline value would be Rs 27,50,000, leading to a stamp duty of Rs 1,92,500.