Guideline Value for Narmatha Street

Narmatha Street guideline value

The current guideline value of Narmatha Street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Velachery village and falls under the Velacheri SRO, classified as Residential Class II Type - III.

How the guideline value of Narmatha Street has changed

Starting from the 2002 revision, the guideline value was Rs 257 per sq.ft. It saw a significant increase to Rs 3,500 per sq.ft in 2012, marking a rise of 1262%. However, from 2012 to 2017, the value decreased to Rs 2,345 per sq.ft, a drop of 33%. The most recent revision in 2024 set the guideline value at Rs 3,850 per sq.ft, reflecting an increase of 64% from 2017.

There are no figures available for the years 2003, 2007, and 2023 in the register for Narmatha Street. Overall, from 2002 to 2024, the guideline value has increased by 1398%.

Guideline values in Velachery

In Velachery, there are 2,691 streets under the Velacheri SRO with the 2024 guideline values ranging from Rs 3,300 to Rs 13,200 per sq.ft. The median value is Rs 4,400 per sq.ft, indicating that Narmatha Street's 2024 figure is below this median.

• Natarajan Street/Nataraja Street: Rs 4,400 per sq.ft (2024)
• Natesan Nagar: Rs 3,850 per sq.ft (2024)
• Natesan Nagar 1st Street: Rs 3,850 per sq.ft (2024)
• Natesan Nagar 2nd Street: Rs 3,850 per sq.ft (2024)
• Natrajan Street, Gandhi Road: Rs 4,400 per sq.ft (2024)
• Nattar Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Narmatha Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would be Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total cost to Rs 3,46,500. 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 details.

Which Sub Registrar Office covers Narmatha Street?

The Sub Registrar Office covering Narmatha Street is the Velacheri Sub Registrar Office, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042. You can find your SRO for more information.

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

The guideline value plays a crucial role during property registration in Velachery. It is used to calculate the stamp duty and registration fees that buyers must pay when purchasing property.

When a property is sold, the guideline value or the sale price, whichever is higher, is considered for these calculations. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Narmatha Street?

The current guideline value of Narmatha Street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, starting from Rs 257 per sq.ft in 2002 to Rs 3,850 per sq.ft in 2024, which is an overall increase of 1398%.

What are the stamp duty and registration fees for properties on Narmatha Street?

For a property valued at Rs 38,50,000, the stamp duty would be Rs 2,69,500, and the registration fee would be Rs 77,000, totaling Rs 3,46,500.

Which office handles registrations for Narmatha Street?

The Velacheri Sub Registrar Office handles registrations for Narmatha Street, located at No.17/39, Rajalakshmi Nagar 3rd Main Road, Velachery, Chennai 600042.

What is the classification of Narmatha Street?

Narmatha Street is classified as Residential Class II Type - III under the Velacheri SRO.