Guideline Value for Navaraji Street

Navaraji Street guideline value

The current guideline value of Navaraji Street in Kodungaiyur village is Rs 2,700 per sq.ft, effective from 1 July 2024. This street falls under the Madhavaram SRO and is classified as Residential Class I Type - I.

How the guideline value of Navaraji Street has changed

The guideline value for Navaraji Street has seen several revisions over the years. In 2012, the value was set at Rs 2,500 per sq.ft. This figure dropped to Rs 1,675 per sq.ft in 2017, marking a decrease of 33%. However, the value rebounded to Rs 2,500 per sq.ft in 2023, and then increased to Rs 2,700 per sq.ft in 2024, reflecting an 8% rise from the previous year.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2012 to 2024, there has been an increase of 8%, bringing the current value in line with the median guideline value of Rs 2,700 per sq.ft for the village.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1,318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for these streets is Rs 2,700 per sq.ft, which matches the current value for Navaraji Street.

• Navaraj Street (Krishnamoorthy Nagar): Rs 2,700 per sq.ft (2024)
• Narayanasamy Thottam 3rd Main Road: Rs 2,700 per sq.ft (2024)
• Narayanasamy Thottam 2nd Street: Rs 2,700 per sq.ft (2024)
• Narayanasamy Thottam 2nd Main Road: Rs 2,700 per sq.ft (2024)
• Narayanasamy Thottam 1st Street: Rs 2,700 per sq.ft (2024)
• Narayanasamy Thottam 1st Main Road: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Navaraji Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000. Together, the total cost for stamp duty and registration would be Rs 2,43,000. 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 Navaraji Street?

The Sub Registrar Office that covers Navaraji Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process of property transactions in Kodungaiyur. It serves as the benchmark for determining the stamp duty and registration fees payable when buying or selling property in the area.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Navaraji Street?

The current guideline value of Navaraji Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,700 per sq.ft in 2024.

What is the land classification for Navaraji Street?

Navaraji Street is classified as Residential Class I Type - I under the Madhavaram SRO.

What are the stamp duty and registration fees for property in Navaraji Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 27,00,000, the total fees would amount to Rs 2,43,000.

Which office handles property registration for Navaraji Street?

The Madhavaram Sub Registrar Office handles property registration for Navaraji Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.