Guideline Value for Narikkuravar Colony 1st Street

Narikkuravar Colony 1st Street guideline value

The current guideline value of Narikkuravar Colony 1st Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, classified as Residential Class III Type - I.

How the guideline value of Narikkuravar Colony 1st Street has changed

The guideline value for Narikkuravar Colony 1st Street has undergone several revisions over the years. In 2012, the guideline value was Rs 1,000 per sq.ft, which decreased to Rs 670 per sq.ft in 2017. This represents a decline of 33%. However, from 2017 to 2024, the value increased significantly to Rs 1,100 per sq.ft, marking a rise of 64%.

Overall, from 2012 to 2024, the guideline value has seen a slight increase of 10%. The register has no figures for the years 2002, 2003, 2007, and 2023 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO with a 2024 guideline value ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value is Rs 2,400 per sq.ft, placing Narikkuravar Colony 1st Street's 2024 figure below this median.

• Narikkuravar Colony: Rs 1,100 per sq.ft (2024)
• Narikkuravar Colony 2nd Street: Rs 1,100 per sq.ft (2024)
• Narikuravar 1st Street: Rs 1,100 per sq.ft (2024)
• Narikuravar 2nd Street: Rs 1,100 per sq.ft (2024)
• Narikuravar Street: Rs 1,100 per sq.ft (2024)
• Nehru Street: Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Narikkuravar Colony 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000, bringing the total to Rs 99,000. It is important to note that the 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 Narikkuravar Colony 1st Street?

The Sub Registrar Office covering Narikkuravar Colony 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Madambakkam. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, it is essential to be aware of the guideline value as it affects the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Narikkuravar Colony 1st Street?

The current guideline value of Narikkuravar Colony 1st Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed from Rs 1,000 per sq.ft in 2012 to Rs 670 per sq.ft in 2017, and then increased to Rs 1,100 per sq.ft in 2024.

What is the land classification for Narikkuravar Colony 1st Street?

Narikkuravar Colony 1st Street is classified as Residential Class III Type - I.

Where is the Selaiyur Sub Registrar Office located?

The Selaiyur Sub Registrar Office is located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073.

How is stamp duty calculated for property transactions?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. The current rate is 7% for stamp duty and 2% for the registration fee.