Guideline Value for Narayanan Street

Narayanan Street guideline value

The current guideline value of Narayanan Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Narayanan Street has changed

The guideline value for Narayanan Street has seen several revisions over the years. In 2002, the guideline value was Rs 1,312 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007, marking a significant rise of 52%. The value then surged to Rs 7,000 per sq.ft in 2012, reflecting a substantial increase of 250%. However, between 2012 and 2017, the value decreased to Rs 4,690 per sq.ft, a drop of 33%. The next revision in 2023 saw the value rise to Rs 7,000 per sq.ft, followed by the current figure of Rs 7,700 per sq.ft in 2024, which is a 10% increase.

The register has no figure for Narayanan Street in 2003. Overall, from 2002 to 2024, the guideline value has increased by 487%.

Guideline values in Nungambakkam

In Nungambakkam, there are 270 streets under the Chennai Central Joint II SRO with a 2024 guideline value ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Narayanan Street's 2024 figure below that median.

• Nanjil Manoharan Nagar: Rs 7,700 per sq.ft (2024)
• Namashivayapuram (facing Nelson Manickam Road): Rs 9,900 per sq.ft (2024)
• Namachivayapuram: Rs 6,600 per sq.ft (2024)
• Nawaz Abibullah 1st Cross Street: Rs 7,700 per sq.ft (2024)
• Nawaz Abibullah 2nd Cross Street: Rs 7,700 per sq.ft (2024)
• Nawaz Abibullah 3rd Cross Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, making the total fees together Rs 6,93,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Narayanan Street?

Narayanan Street is covered by the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Nungambakkam. It serves as a benchmark for determining the minimum price at which property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it directly impacts the stamp duty and registration fees payable during the transaction.

When registering a property, the guideline value ensures that the government receives the appropriate revenue from property transactions. It is essential for both buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Narayanan Street?

The current guideline value of Narayanan Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,312 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 487%.

What is the registration office for Narayanan Street?

The registration office for Narayanan Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What are the stamp duty and registration fees for property in Narayanan Street?

For a property valued at Rs 77,00,000, the stamp duty would be Rs 5,39,000 and the registration fee would be Rs 1,54,000, totaling Rs 6,93,000.

How does the guideline value affect property transactions?

The guideline value serves as a benchmark for the minimum price at which property can be registered, impacting the stamp duty and registration fees payable during the transaction.