Guideline Value for Narikkuravar Colony 2nd Street

Narikkuravar Colony 2nd Street guideline value

The current guideline value of Narikkuravar Colony 2nd Street is Rs 1,100 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village under the Selaiyur SRO, and it falls under the Residential Class III Type - I land classification.

How the guideline value of Narikkuravar Colony 2nd Street has changed

The guideline value for Narikkuravar Colony 2nd Street has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft, which was then reduced to Rs 670 per sq.ft in the 2017 revision. However, the most recent 2024 revision has increased the guideline value to Rs 1,100 per sq.ft, marking a significant increase of 64% from the 2017 figure. Overall, from the 2012 revision to the 2024 revision, there has been a slight increase of 10%.

It is important to note that the register does not have figures for the years 2002, 2003, 2007, and 2023 for this street. This means that the only available revisions are from 2012, 2017, and 2024.

Guideline values in Madambakkam

In Madambakkam, there are a total of 1,151 streets listed under the Selaiyur SRO, with guideline values ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median guideline value in this village is Rs 2,400 per sq.ft, indicating that the 2024 figure for Narikkuravar Colony 2nd Street is below this median.

• Narikkuravar Colony 1st Street: Rs 1,100 per sq.ft (2024)
• Narikuravar 1st Street: Rs 1,100 per sq.ft (2024)
• Narikkuravar Colony: 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 2nd 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, and the registration fee at 2% would be Rs 22,000, making the total charges Rs 99,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Narikkuravar Colony 2nd Street?

The Sub Registrar Office that covers Narikkuravar Colony 2nd 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 information.

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

The guideline value is a critical factor in property transactions in Madambakkam, as it determines the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

During the registration process, the buyer must pay stamp duty and registration fees based on the higher of the guideline value or the actual sale price. This ensures that the government receives appropriate revenue from property transactions, reflecting the current market conditions.

Frequently asked questions

What is the current guideline value of Narikkuravar Colony 2nd Street?

The current guideline value of Narikkuravar Colony 2nd Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed 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. Overall, there has been a 10% increase from 2012 to 2024.

What is the land classification for Narikkuravar Colony 2nd Street?

Narikkuravar Colony 2nd Street falls under the Residential Class III Type - I land classification. This classification is important for understanding the zoning and potential uses of the property.

What are the stamp duty and registration fees for this street?

The stamp duty is charged at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total charges would amount to Rs 99,000, based on the current guideline value.

Which office handles registrations for Narikkuravar Colony 2nd Street?

The Selaiyur Sub Registrar Office handles registrations for Narikkuravar Colony 2nd Street. It is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.