Guideline Value for P.W.D. Office Street

P.W.D. Office Street guideline value

The current guideline value of P.W.D. Office Street in Naravarikuppam village, under the Redhills SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is classified as Residential Class II Type - I.

How the guideline value of P.W.D. Office Street has changed

The guideline value for P.W.D. Office Street has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 3,471 per sq.ft. This figure saw a significant decrease to Rs 353 per sq.ft in 2003, followed by a modest increase to Rs 400 per sq.ft in 2007. The value then rose dramatically to Rs 1,500 per sq.ft in 2012, before decreasing to Rs 1,005 per sq.ft in 2017. The 2023 revision set the value at Rs 1,500 per sq.ft, which was then increased to the current rate of Rs 1,650 per sq.ft in 2024.

Between the revisions, the changes were as follows: from 2002 to 2003, there was a decrease of 90%; from 2003 to 2007, an increase of 13%; from 2007 to 2012, an increase of 275%; from 2012 to 2017, a decrease of 33%; and from 2017 to 2023, an increase of 49%. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, from 2002 to 2024, the guideline value has decreased by 52%.

Guideline values in Naravarikuppam

Naravarikuppam village has a total of 112 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, which aligns with the current value of P.W.D. Office Street.

• P.W.D. Office Cross Street: Rs 1,650 per sq.ft (2024)
• Ragavalu Nayakkar Street: Rs 1,650 per sq.ft (2024)
• Raghavel Naicker Street Lane: Rs 1,650 per sq.ft (2024)
• Prakasam Street: Rs 1,320 per sq.ft (2024)
• Rajaji Street: Rs 3,300 per sq.ft (2024)
• Poonga Street: Rs 1,870 per sq.ft (2024)

Stamp duty and registration fee for property in P.W.D. Office Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value is Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000. Together, the total cost for stamp duty and registration fee would be Rs 1,48,500. 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 detailed calculations.

Which Sub Registrar Office covers P.W.D. Office Street?

The Sub Registrar Office that covers P.W.D. Office Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process when buying or selling property in Naravarikuppam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the guideline value helps in assessing the appropriate taxes owed. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of P.W.D. Office Street?

The current guideline value of P.W.D. Office Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 3,471 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with various increases and decreases in between.

What is the median guideline value in Naravarikuppam?

The median guideline value for the 112 streets in Naravarikuppam is Rs 1,650 per sq.ft, which is the same as the current value for P.W.D. Office Street.

What are the stamp duty and registration fees for property in P.W.D. Office Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office handles registrations for P.W.D. Office Street?

The Redhills Sub Registrar Office handles registrations for P.W.D. Office Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.