Guideline Value for New Narmada Nagar 1st Street

New Narmada Nagar 1st Street guideline value

The current guideline value of New Narmada Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the Alandur SRO, and is classified as Residential Class II Type - I.

How the guideline value of New Narmada Nagar 1st Street has changed

The guideline value for New Narmada Nagar 1st Street has undergone several revisions over the years. In 2002, the value was Rs 234 per sq.ft, which increased to Rs 262 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,200 per sq.ft in 2007, and then it decreased to Rs 2,500 per sq.ft in 2012. The value saw another decline to Rs 1,675 per sq.ft in 2017, before increasing to Rs 2,500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 2,800 per sq.ft.

Between the revisions, notable changes include a 12% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 108% increase from 2007 to 2012, a remarkable 358% increase from 2003 to 2007, and a 12% increase from 2002 to 2003. Overall, from 2002 to 2024, the guideline value has increased by 1,097%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median value is Rs 2,800 per sq.ft, which is equal to the guideline value of New Narmada Nagar 1st Street.

• New Narmada Nagar 2nd Street: Rs 2,800 per sq.ft (2024)
• New Narmada Nagar 3rd Street: Rs 2,800 per sq.ft (2024)
• New Narmada Nagar 4th Street: Rs 2,800 per sq.ft (2024)
• New Narmada Nagar main: Rs 2,800 per sq.ft (2024)
• Nethaji Street: Rs 2,200 per sq.ft (2024)
• N S K Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Narmada Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty, charged at 7%, would amount to Rs 1,96,000, while the registration fee at 2% would be Rs 56,000. Therefore, the total cost for stamp duty and registration fee would be Rs 2,52,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Narmada Nagar 1st Street?

The Sub Registrar Office that covers New Narmada Nagar 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property in Ullagaram, as it determines the stamp duty and registration fees that must be paid. Buyers and sellers must be aware that the guideline value is applied to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and that all legal requirements are met during the registration process.

Frequently asked questions

What is the current guideline value of New Narmada Nagar 1st Street?

The current guideline value of New Narmada Nagar 1st Street is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 234 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 1,097% over this period.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Which office handles registrations for New Narmada Nagar 1st Street?

The Alandur Sub Registrar Office handles registrations for New Narmada Nagar 1st Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What is the land classification for New Narmada Nagar 1st Street?

The land classification for New Narmada Nagar 1st Street is Residential Class II Type - I.