Guideline Value for Narikuravar 2nd Street

Narikuravar 2nd Street guideline value

The current guideline value of Narikuravar 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 is classified as Residential Class III Type - I.

How the guideline value of Narikuravar 2nd Street has changed

In the 2012 revision, the guideline value for Narikuravar 2nd Street was Rs 1,000 per sq.ft. This figure remained unchanged in the 2023 revision, which also recorded Rs 1,000 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,100 per sq.ft, marking a 10% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, 2007, and 2017 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. Narikuravar 2nd Street's 2024 figure is below this median.

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

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

For a 1,000 sq.ft plot at the current rate of Rs 1,100 per sq.ft, the guideline value amounts to Rs 11,00,000. The stamp duty at 7% would be Rs 77,000, and the registration fee at 2% would be Rs 22,000, totaling Rs 99,000. 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 details.

Which Sub Registrar Office covers Narikuravar 2nd Street?

The Sub Registrar Office that covers Narikuravar 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 an essential reference for property transactions in Madambakkam. It is used to determine the stamp duty and registration fees applicable when buying or selling property in the area.

When registering a property, the guideline value is compared to the sale price, and the higher of the two values is used to calculate the applicable duties. This ensures that the registration process reflects the current market conditions and property values.

Frequently asked questions

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

The current guideline value of Narikuravar 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 increased from Rs 1,000 per sq.ft in 2012 to Rs 1,100 per sq.ft in 2024, reflecting a 10% increase. There was no change in the value during the 2023 revision.

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

For a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 77,000, and the registration fee would be Rs 22,000, totaling Rs 99,000. The duty is charged on the higher of the guideline value or the sale price.

Which Sub Registrar Office covers Narikuravar 2nd Street?

The Selaiyur Sub Registrar Office covers Narikuravar 2nd Street. It is located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is the guideline value used in property transactions?

The guideline value is used to determine the stamp duty and registration fees during property transactions. It is compared with the sale price, and the higher value is used for calculating the applicable duties.