Guideline Value for Narayanasamy Garden 7th Cross Street

Narayanasamy Garden 7th Cross Street guideline value

The current guideline value of Narayanasamy Garden 7th Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Selavoyal village under the Madhavaram SRO, classified as Residential Class II Type - I.

How the guideline value of Narayanasamy Garden 7th Cross Street has changed

Over the years, the guideline value of Narayanasamy Garden 7th Cross Street has experienced several revisions. The 2012 revision set the value at Rs 1,500 per sq.ft, which then decreased to Rs 1,340 per sq.ft in the 2017 revision. Following this, the value significantly increased to Rs 2,000 per sq.ft in the 2023 revision, marking a 49% rise from 2017. The current guideline value of Rs 2,200 per sq.ft from the 2024 revision represents a 10% increase from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 47%.

Guideline values in Selavoyal

In Selavoyal, 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 7th Cross Street aligns with this median.

• Narayanasamy Garden 6th Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 7th Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 6th Cross Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 8th Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 5th Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy Garden 9th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanasamy Garden 7th Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Narayanasamy Garden 7th Cross Street?

The Sub Registrar Office that covers Narayanasamy Garden 7th Cross Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a critical factor in the registration process when buying or selling property in Selavoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the registration fee and stamp duty are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Narayanasamy Garden 7th Cross Street?

The current guideline value of Narayanasamy Garden 7th Cross 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 from Rs 1,500 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft in 2024.

What is the classification of land in Narayanasamy Garden 7th Cross Street?

Narayanasamy Garden 7th Cross Street is classified as Residential Class II Type - I.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7%, and the registration fee is charged at 2% of the guideline value or sale price, whichever is higher.

Which Sub Registrar Office covers this street?

The Madhavaram Sub Registrar Office covers Narayanasamy Garden 7th Cross Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.