Guideline Value for Narayanasamy Street

Narayanasamy Street guideline value

The current guideline value of Narayanasamy Street in Nanganallur village, under the Alandur SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Narayanasamy Street has changed

The guideline value for Narayanasamy Street has seen significant changes over the years. In 2002, the value was Rs 273 per sq.ft, which increased to Rs 310 per sq.ft in 2003, marking a change of +14%. The value then surged to Rs 1,750 per sq.ft in 2007, an increase of +465%. Following this, in 2012, the value was Rs 4,000 per sq.ft, reflecting a decrease of -33% from the previous revision. The 2017 revision recorded a value of Rs 2,680 per sq.ft, which then rose to Rs 4,000 per sq.ft in 2023, showing an increase of +49%. The most recent revision in 2024 set the value at Rs 4,400 per sq.ft, a rise of +10% from 2023.

Overall, from 2002 to 2024, the guideline value has increased by +1512%. There are no figures available for the revisions in the years not mentioned in the register.

Guideline values in Nanganallur

Nanganallur village has 155 streets under the Alandur SRO, with guideline values ranging from Rs 2,800 to Rs 6,600 per sq.ft in 2024. The median value for these streets is Rs 3,900 per sq.ft, positioning Narayanasamy Street's 2024 value above this median.

• Nanga Nallur Co-operative Housing Society Colony First Main Road: Rs 5,000 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony Fifth Main Road: Rs 5,000 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 9th Street: Rs 3,900 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 8th Street: Rs 5,000 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 7th Street: Rs 3,900 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 6th Main Road: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanasamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that 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 Street?

The Sub Registrar Office that covers Narayanasamy Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO here.

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

The guideline value plays a crucial role during property registration in Nanganallur. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two figures is used to calculate the stamp duty, ensuring that the fees reflect the actual value of the property being transferred.

Frequently asked questions

What is the current guideline value of Narayanasamy Street?

The current guideline value of Narayanasamy Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 273 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, which is an overall increase of +1512%.

What is the land classification for Narayanasamy Street?

Narayanasamy Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

What are the stamp duty rates for property transactions?

The stamp duty rate is 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same amount.

Where is the Alandur Sub Registrar Office located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.