Guideline Value for Narayanasamy Garden 3rd Street

Narayanasamy Garden 3rd Street guideline value

The current guideline value of Narayanasamy Garden 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village under the Madhavaram Sub Registrar Office (SRO) and is classified as Residential Class II Type - I.

How the guideline value of Narayanasamy Garden 3rd Street has changed

The guideline value for Narayanasamy Garden 3rd Street has seen several revisions over the years. In 2012, the value was Rs 1,800 per sq.ft, which then decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and then rose again to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

Overall, from 2012 to 2024, the guideline value has increased by 22%. Notably, there are no figures available for the revisions in 2002, 2003, and 2007 for this street.

Guideline values in Selavoyal

In Selavoyal village, there are 170 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,300 per sq.ft, with a median value of Rs 2,200 per sq.ft. The guideline value of Narayanasamy Garden 3rd Street is equal to this median.

• Narayanasamy Garden 3rd Main Road: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 4th Cross Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 4th Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 2nd Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 5th Cross Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanasamy Garden 3rd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost to Rs 1,98,000. 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 further calculations.

Which Sub Registrar Office covers Narayanasamy Garden 3rd Street?

The Madhavaram Sub Registrar Office covers Narayanasamy Garden 3rd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical component in the property registration process in Selavoyal. It serves as a benchmark for determining the stamp duty and registration fees that must be paid when a property is bought or sold.

When a property transaction occurs, the guideline value is used to assess the applicable fees, ensuring that both the buyer and seller are aware of the financial obligations involved in the registration process.

Frequently asked questions

What is the current guideline value of Narayanasamy Garden 3rd Street?

The current guideline value of Narayanasamy Garden 3rd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 1,800 per sq.ft in 2012, dropping to Rs 1,340 per sq.ft in 2017, and increasing to Rs 2,000 per sq.ft in 2023, then rising to Rs 2,200 per sq.ft in 2024.

What is the land classification of Narayanasamy Garden 3rd Street?

Narayanasamy Garden 3rd Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot would incur a total of Rs 1,98,000 in fees.

Which office handles registrations for Narayanasamy Garden 3rd Street?

The Madhavaram Sub Registrar Office handles registrations for Narayanasamy Garden 3rd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.