Guideline Value for Narayanaswamy 2nd Street

Narayanaswamy 2nd Street guideline value

The current guideline value of Narayanaswamy 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Issa Pallavaram village under the Pallavaram SRO, and it falls under the Residential Class II Type - I land classification.

How the guideline value of Narayanaswamy 2nd Street has changed

The guideline value of Narayanaswamy 2nd Street has seen several revisions over the years. Starting from Rs 185 per sq.ft in 2003, it increased to Rs 400 per sq.ft in 2007, marking a significant rise of 116%. In 2012, the value remained at Rs 2,000 per sq.ft, which was a decrease of 33% from the previous revision. The 2017 revision saw another increase to Rs 1,340 per sq.ft, followed by a substantial rise to Rs 2,000 per sq.ft in 2023, and finally reaching Rs 2,200 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

It is important to note that there is no figure recorded for Narayanaswamy 2nd Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by an impressive 1089%.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 3,300 per sq.ft. Narayanaswamy 2nd Street's 2024 guideline value is below this median.

• Narayanaswamy 1st Street: Rs 2,200 per sq.ft (2024)
• Narayanaswamy Street: Rs 2,200 per sq.ft (2024)
• Nehru Nagar First Street: Rs 3,850 per sq.ft (2024)
• Nagarathinam Street: Rs 2,750 per sq.ft (2024)
• Nehru Street: Rs 2,750 per sq.ft (2024)
• Muthuswamy Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanaswamy 2nd Street

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the 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 fees together to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narayanaswamy 2nd Street?

The Sub Registrar Office that covers Narayanaswamy 2nd Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering a property in Issa Pallavaram. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, it is essential to be aware of the guideline value as it can impact the overall cost of the transaction. Buyers should ensure that the sale price is in line with the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Narayanaswamy 2nd Street?

The current guideline value of Narayanaswamy 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed since 2003?

Since 2003, the guideline value has increased from Rs 185 per sq.ft to Rs 2,200 per sq.ft in 2024, which is an overall increase of 1089%.

What are the stamp duty and registration fees for a property in Narayanaswamy 2nd Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Narayanaswamy 2nd Street?

The Pallavaram Sub Registrar Office handles registrations for Narayanaswamy 2nd Street, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification of Narayanaswamy 2nd Street?

Narayanaswamy 2nd Street falls under the Residential Class II Type - I land classification.