Guideline Value for Narikkuravar Colony

Narikkuravar Colony guideline value

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

How the guideline value of Narikkuravar Colony has changed

The guideline value for Narikkuravar Colony has seen several revisions over the years. The 2012 revision set the value at Rs 1,000 per sq.ft. This was followed by a decrease to Rs 670 per sq.ft in 2017. Subsequently, the 2023 revision increased the value to Rs 1,000 per sq.ft, and the latest 2024 revision raised it further to Rs 1,100 per sq.ft.

In terms of percentage changes, the guideline value increased by 49% from 2017 to 2023 and by 10% from 2023 to 2024. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Guideline values in Madambakkam

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

• Narikkuravar Colony 1st Street: 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

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, totaling Rs 99,000. It is important to note that the 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 more detailed calculations.

Which Sub Registrar Office covers Narikkuravar Colony?

The Narikkuravar Colony falls under 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 plays a critical role in property transactions within Madambakkam. It is used as a benchmark for calculating the stamp duty and registration fees when a property is bought or sold. Buyers and sellers must be aware of this value to ensure compliance with local regulations during the registration process.

When a property is registered, the guideline value is compared with the sale price. The higher value is then used to calculate the applicable stamp duty and registration fees, ensuring that the transaction adheres to the legal requirements set by the government.

Frequently asked questions

What is the current guideline value of Narikkuravar Colony?

The current guideline value of Narikkuravar Colony 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, then back to Rs 1,000 per sq.ft in 2023, and finally to Rs 1,100 per sq.ft in 2024.

What is the land classification of Narikkuravar Colony?

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

What are the stamp duty and registration fees for properties in Narikkuravar Colony?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

Where is the Sub Registrar Office for Narikkuravar Colony 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.