Guideline Value for S.M. Narayanan Nagar

S.M. Narayanan Nagar guideline value

The current guideline value of S.M. Narayanan Nagar is Rs 7,100 per sq.ft, effective from 1 July 2024. This area is located in Mugappair village under the Konnur SRO, and it is classified as Residential Special Type - I.

How the guideline value of S.M. Narayanan Nagar has changed

The guideline value for S.M. Narayanan Nagar has seen significant changes over the years. In 2002, the guideline value was Rs 654 per sq.ft. This value increased to Rs 718 per sq.ft in 2003, marking a 10% rise. The following revisions showed a substantial increase, with the value jumping to Rs 1,500 per sq.ft in 2007, which was a 109% increase from 2003. In 2012, the value remained at Rs 6,500 per sq.ft, but then it decreased by 33% to Rs 4,355 per sq.ft in 2017. The value then rose significantly to Rs 6,500 per sq.ft in 2023, and finally to the current Rs 7,100 per sq.ft in 2024, reflecting a 9% increase from the previous year.

Overall, the guideline value has increased by 986% from 2002 to 2024. It is important to note that there are no figures available for the years 2012 to 2017 in the register for this street.

Guideline values in Mugappair

Mugappair village has a range of guideline values across its 224 streets under the Konnur SRO, with values ranging from Rs 3,300 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 7,100 per sq.ft, which is the same as the current value for S.M. Narayanan Nagar. Below are the guideline values for other streets in Mugappair:

• Sparton Nagar: Rs 7,100 per sq.ft (2024)
• Singarampillai Street: Rs 3,300 per sq.ft (2024)
• Sribalaji Avenue: Rs 7,100 per sq.ft (2024)
• Senthamizhl Nagar: Rs 3,300 per sq.ft (2024)
• Srinivasa Nagar: Rs 5,500 per sq.ft (2024)
• Srinivasa Nagar Anna Street & 1st,2nd and 3rd Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in S.M. Narayanan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000. Together, the total cost for stamp duty and registration would be Rs 6,39,000. It is important to note that 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 S.M. Narayanan Nagar?

The Sub Registrar Office that covers S.M. Narayanan Nagar is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mugappair. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware that the guideline value will be used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This helps maintain transparency in property transactions and ensures that appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of S.M. Narayanan Nagar?

The current guideline value of S.M. Narayanan Nagar is Rs 7,100 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 654 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 986%.

Which Sub Registrar Office covers S.M. Narayanan Nagar?

The Konnur Sub Registrar Office covers S.M. Narayanan Nagar, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What are the stamp duty and registration fees for property in S.M. Narayanan Nagar?

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 6,39,000.

Where can I find more information about the guideline values in Mugappair?

More information about guideline values in Mugappair can be found by exploring the various streets listed under the Konnur SRO, which provide a range of values for different areas.