Guideline Value for Narayanasamy Naicken Street

Narayanasamy Naicken Street guideline value

The current guideline value of Narayanasamy Naicken Street is Rs 1,600 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class II Type - I.

How the guideline value of Narayanasamy Naicken Street has changed

The guideline value for Narayanasamy Naicken Street has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 1,500 per sq.ft. In 2017, it decreased to Rs 1,005 per sq.ft, marking a decline of 33%. However, by 2023, the value increased significantly to Rs 1,500 per sq.ft, and the latest revision in 2024 has set it at Rs 1,600 per sq.ft, reflecting a 7% increase from the previous year.

There are no recorded figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 7%.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, which is equal to the current guideline value of Narayanasamy Naicken Street.

• Narayanasamy thottam (Ward No.22): Rs 1,600 per sq.ft (2024)
• Natarajan Nagar: Rs 1,300 per sq.ft (2024)
• Natarajan Nagar Extension: Rs 4,400 per sq.ft (2024)
• Natarajan Nagar (Ward-11): Rs 1,300 per sq.ft (2024)
• Natesan Mari St (Ward No.2): Rs 2,200 per sq.ft (2024)
• Natesan Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanasamy Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,600 per sq.ft, the total guideline value would be Rs 16,00,000. The stamp duty at 7% would amount to Rs 1,12,000, and the registration fee at 2% would be Rs 32,000, bringing the total charges to Rs 1,44,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narayanasamy Naicken Street?

The Sub Registrar Office that covers Narayanasamy Naicken Street is the Madhavaram Sub Registrar Office, 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 Madhavaram

When buying or selling property in Madhavaram, the guideline value is a crucial factor in determining the registration fees and stamp duty. The guideline value serves as a benchmark for the value of the property, ensuring that the transaction is recorded accurately with the authorities.

At the time of registration, the buyer is required to pay stamp duty and registration fees 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 Naicken Street?

The current guideline value of Narayanasamy Naicken Street is Rs 1,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 1,500 per sq.ft in 2012, dropping to Rs 1,005 per sq.ft in 2017, and then rising to Rs 1,500 per sq.ft in 2023, before reaching Rs 1,600 per sq.ft in 2024.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 16,00,000, the stamp duty would be Rs 1,12,000, and the registration fee would be Rs 32,000, totaling Rs 1,44,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which Sub Registrar Office is responsible for Narayanasamy Naicken Street?

The Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060, is responsible for Narayanasamy Naicken Street.

What is the land classification of Narayanasamy Naicken Street?

Narayanasamy Naicken Street is classified as Residential Class II Type - I, which indicates its suitability for residential purposes.