Guideline Value for Narayanan Street

Narayanan Street guideline value

The current guideline value of Narayanan Street is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO and is classified as Residential Class II Type - II.

How the guideline value of Narayanan Street has changed

Over the years, the guideline value of Narayanan Street has seen significant changes. In the 2007 revision, the value was Rs 1,000 per sq.ft, which increased dramatically to Rs 4,500 per sq.ft in 2012, marking a 350% rise. However, this value dropped to Rs 3,015 per sq.ft in the 2017 revision, a decrease of 33%. The 2023 revision saw the value rise again to Rs 4,500 per sq.ft, before reaching the current value of Rs 4,800 per sq.ft in 2024, reflecting a 7% increase from the previous year.

There are no figures available for Narayanan Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 380%.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, which is equal to the current guideline value of Narayanan Street.

• Natesan Nagar 1st Street: Rs 2,700 per sq.ft (2024)
• Natesan Nagar 2nd Street: Rs 2,700 per sq.ft (2024)
• Naval Hospital 10th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 11th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 12th lane: Rs 3,300 per sq.ft (2024)
• Naval Hospital 13th lane: Rs 3,300 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 4,800 per sq.ft, the total guideline value would be Rs 48,00,000. The stamp duty at 7% would amount to Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, bringing the total costs to Rs 4,32,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narayanan Street?

The Sub Registrar Office that covers Narayanan Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. To find your specific SRO, you can visit find your SRO.

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

When buying or selling property in Vepery, the guideline value serves as a benchmark for determining the minimum value at which a property can be registered. This value is crucial for calculating the stamp duty and registration fees that need to be paid during the transaction.

It is essential for buyers and sellers to be aware of the guideline value as it ensures compliance with legal requirements during property transactions. The guideline value is regularly updated to reflect changes in the real estate market, ensuring that it remains relevant.

Frequently asked questions

What is the current guideline value of Narayanan Street?

The current guideline value of Narayanan Street is Rs 4,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,000 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, marking an overall increase of 380%.

What are the other streets in Vepery with their guideline values?

Other streets in Vepery include Natesan Nagar 1st Street and Natesan Nagar 2nd Street at Rs 2,700 per sq.ft, and several lanes of Naval Hospital at Rs 3,300 per sq.ft.

What is the stamp duty rate for properties in Narayanan Street?

The stamp duty rate for properties in Narayanan Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Narayanan Street located?

The Sub Registrar Office for Narayanan Street is located at 1103, Poonamallee High Road, Chennai-600 003.