Guideline Value for Sri Narayana Nagar

Sri Narayana Nagar guideline value

The current guideline value of Sri Narayana Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kolapakkam village, under the Pammal Sub Registrar Office (SRO). The land classification for this street is Residential Class I Type - I.

How the guideline value of Sri Narayana Nagar has changed

The guideline value for Sri Narayana Nagar has undergone several revisions over the years. The 2017 revision set the value at Rs 1,675 per sq.ft, which increased to Rs 2,500 per sq.ft in the 2023 revision. The latest revision in 2024 has further raised the guideline value to Rs 2,750 per sq.ft, marking a 10% increase from the previous year. Overall, from 2017 to 2024, there has been a significant increase of 64% in the guideline value.

There are no figures available for the revisions in 2002, 2003, 2007, and 2012 for this street. However, the value increased by 49% from 2017 to 2023, reflecting a consistent upward trend in the guideline value over the years.

Guideline values in Kolapakkam

In Kolapakkam, there are 111 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,650 to Rs 6,850 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, placing Sri Narayana Nagar's 2024 figure above this median.

• Srinivasa Nagar (ward 5): Rs 2,200 per sq.ft (2024)
• Sri Mahalakshmi Nagar: Rs 2,750 per sq.ft (2024)
• Sri Ganesh Nagar: Rs 2,750 per sq.ft (2024)
• Sri Dhalakshmi Nagar: Rs 3,740 per sq.ft (2024)
• Sri Balaji Nagar: Rs 1,650 per sq.ft (2024)
• Sri Srinivasa Nagar: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Narayana Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can also use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Sri Narayana Nagar?

Sri Narayana Nagar falls under the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Kolapakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid at the time of property registration.

When buying or selling property, it is essential to consider the guideline value as it impacts the overall cost of the transaction. Buyers and sellers should ensure that the sale price is aligned with the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Sri Narayana Nagar?

The current guideline value of Sri Narayana Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,675 per sq.ft in 2017 to Rs 2,500 per sq.ft in 2023, and now to Rs 2,750 per sq.ft in 2024, marking a total increase of 64% from 2017 to 2024.

What is the land classification for Sri Narayana Nagar?

Sri Narayana Nagar is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

Where is the Pammal Sub Registrar Office located?

The Pammal Sub Registrar Office is located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone.

How is stamp duty calculated in Sri Narayana Nagar?

Stamp duty in Sri Narayana Nagar is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable on the same amount.