Guideline Value for Narismachari street

Narismachari street guideline value

The current guideline value of Narismachari street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Egmore village and falls under the Periamet SRO, classified as Residential Class III Type - I.

How the guideline value of Narismachari street has changed

Over the years, the guideline value of Narismachari street has undergone several revisions. The earliest recorded figure is from 2007, which was Rs 1,200 per sq.ft. This value increased significantly to Rs 3,600 per sq.ft in the 2012 revision, marking a 200% rise. However, in the 2017 revision, the value decreased to Rs 2,412 per sq.ft, reflecting a drop of 33%. The value then rose to Rs 3,600 per sq.ft in 2023, followed by another increase to the current rate of Rs 3,900 per sq.ft in the 2024 revision, which is an 8% increase from the previous year.

In summary, from 2007 to 2024, the overall change in the guideline value for Narismachari street is an increase of 225%. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO, with 2024 guideline values ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value for these streets is Rs 7,100 per sq.ft, indicating that Narismachari street's 2024 figure is below this median.

• NarayasamyDasary street: Rs 3,900 per sq.ft (2024)
• Narayan NaickenStreet: Rs 10,100 per sq.ft (2024)
• Narayan Naicken 1st street: Rs 6,300 per sq.ft (2024)
• Narayana samy lane: Rs 6,300 per sq.ft (2024)
• Natesan Street: Rs 3,400 per sq.ft (2024)
• Nathan Lane/Street: Rs 9,300 per sq.ft (2024)

Stamp duty and registration fee for property in Narismachari street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total fees to Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narismachari street?

The Sub Registrar Office that covers Narismachari street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more details.

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

When buying or selling property in Egmore, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and serves as a benchmark for property transactions, ensuring that all parties are aware of the minimum value at which the property can be registered.

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

Frequently asked questions

What is the current guideline value of Narismachari street?

The current guideline value of Narismachari street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 3,900 per sq.ft in 2024, showing an overall increase of 225% over this period.

What are the other streets in Egmore with their guideline values?

Other streets in Egmore include NarayasamyDasary street at Rs 3,900 per sq.ft, Narayan NaickenStreet at Rs 10,100 per sq.ft, and several others with varying rates.

Where is the Sub Registrar Office for Narismachari street located?

The Sub Registrar Office for Narismachari street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for properties in Egmore?

Stamp duty for properties in Egmore is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 39,00,000, the stamp duty would be Rs 2,73,000 at 7%.