Guideline Value for Godown Street(Narayanasamy Garden Street)

Godown Street(Narayanasamy Garden Street) guideline value

The current guideline value of Godown Street (Narayanasamy Garden Street) is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Godown Street(Narayanasamy Garden Street) has changed

The guideline value for Godown Street has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012, marking a 200% increase. However, it then decreased to Rs 3,015 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, and most recently, it has increased to Rs 4,900 per sq.ft in 2024, reflecting a 9% increase.

From 2017 to 2023, the guideline value increased by 49%. Overall, from 2007 to 2024, the guideline value has increased by 227%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing Godown Street's 2024 figure below that median.

• Girims street: Rs 5,500 per sq.ft (2024)
• Gomes road: Rs 7,700 per sq.ft (2024)
• Geels street: Rs 7,700 per sq.ft (2024)
• Geels lane: Rs 4,900 per sq.ft (2024)
• Gopal chetty street (Javer street): Rs 4,900 per sq.ft (2024)
• Gopal street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Godown Street(Narayanasamy Garden Street)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value is Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, making the total cost for these fees Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Godown Street(Narayanasamy Garden Street)?

The Sub Registrar Office that covers Godown Street (Narayanasamy Garden Street) is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is an important factor during property registration in Muthialpet. It serves as a benchmark for determining the stamp duty and registration fees payable when a property is bought or sold. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property transaction occurs, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Godown Street(Narayanasamy Garden Street)?

The current guideline value of Godown Street (Narayanasamy Garden Street) is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 1,500 per sq.ft in 2007, rising to Rs 4,500 in 2012, dropping to Rs 3,015 in 2017, and then increasing to Rs 4,500 in 2023, and finally reaching Rs 4,900 in 2024.

What are the other guideline values in Muthialpet?

In Muthialpet, the guideline values range from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. Godown Street's value is below this median.

How are stamp duty and registration fees calculated for properties in Godown Street?

Stamp duty is calculated at 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft property at the current rate, the total fees would amount to Rs 4,41,000.

Where can I find the Sub Registrar Office for Godown Street?

The Sub Registrar Office for Godown Street (Narayanasamy Garden Street) is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.