Guideline Value for Narayanaswamy Street

Narayanaswamy Street guideline value

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

How the guideline value of Narayanaswamy Street has changed

The guideline value for Narayanaswamy Street has seen significant changes over the years. In 2003, the guideline value was Rs 185 per sq.ft, which increased to Rs 408 per sq.ft in 2007, marking a rise of 121%. Following this, the value jumped to Rs 2,000 per sq.ft in 2012, reflecting a substantial increase of 390%. However, it decreased to Rs 1,340 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 2,000 per sq.ft in 2023, with a notable increase of 49%. Finally, the most recent revision in 2024 set the guideline value at Rs 2,200 per sq.ft, representing a 10% increase from the previous year.

It is important to note that there is no figure available for Narayanaswamy Street in the 2002 revision.

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. The guideline value of Narayanaswamy Street is below this median.

• Narayanaswamy 2nd Street: Rs 2,200 per sq.ft (2024)
• Narayanaswamy 1st 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 Street

For a 1,000 sq.ft plot at the current rate 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. Together, these charges would total Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Narayanaswamy Street?

The Sub Registrar Office that covers Narayanaswamy 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 further assistance.

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

The guideline value plays a crucial role in the registration process of property transactions in Issa Pallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers need to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Narayanaswamy Street?

The current guideline value of Narayanaswamy 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 significantly, from Rs 185 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 1089%.

What is the land classification of Narayanaswamy Street?

Narayanaswamy Street is classified as Residential Class II Type - I.

Where can I find the Sub Registrar Office for Narayanaswamy Street?

The Sub Registrar Office for Narayanaswamy Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is stamp duty calculated for properties in Narayanaswamy Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.