Guideline Value for NARAYANA CHETTY STREET

Narayana Chetty Street guideline value

The current guideline value of Narayana Chetty Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village under the Mylapore SRO, and it falls under the Residential Class V Type - II land classification.

How the guideline value of Narayana Chetty Street has changed

Since the 2002 revision, the guideline value for Narayana Chetty Street has seen significant changes. In 2002, the guideline value was Rs 872 per sq.ft. It increased to Rs 969 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,000 per sq.ft in 2007, a change of 3%. In 2012, the value remained at Rs 4,500 per sq.ft, with no change from the previous revision. The 2023 revision also recorded a guideline value of Rs 4,500 per sq.ft, indicating no change from 2012. However, in 2024, the guideline value increased to Rs 4,900 per sq.ft, reflecting a 9% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 462%. Notably, there is no figure available for Narayana Chetty Street for the 2017 revision in the register.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Narayana Chetty Street's 2024 figure below that median.

• Narayana Lane: Rs 8,800 per sq.ft (2024)
• Narasingapuram: Rs 8,800 per sq.ft (2024)
• Narayanasamy 4th Street: Rs 6,000 per sq.ft (2024)
• Nanjunda Rao Colony (Venkatesa Agraharam): Rs 8,800 per sq.ft (2024)
• Narayanasamy Thottam: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 1st Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Narayana Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total to Rs 4,41,000. 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 details.

Which Sub Registrar Office covers Narayana Chetty Street?

Narayana Chetty Street falls under the jurisdiction of the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value plays a crucial role during property transactions in Mylapore. When buying or selling property, the guideline value serves as a benchmark for determining the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded accurately in the official records.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the costs associated with property registration. This transparency helps in understanding the financial obligations involved in property transactions.

Frequently asked questions

What is the current guideline value of Narayana Chetty Street?

The current guideline value of Narayana Chetty 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 significantly from Rs 872 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, marking an overall increase of 462% over the years.

What is the land classification of Narayana Chetty Street?

Narayana Chetty Street is classified under Residential Class V Type - II according to the guideline value register.

How is stamp duty calculated for properties in Narayana Chetty Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 49,00,000 would incur a stamp duty of Rs 3,43,000.

Where can I find the Sub Registrar Office for Narayana Chetty Street?

The Sub Registrar Office that covers Narayana Chetty Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.