Guideline Value for NARAYANA LANE

Narayana Lane guideline value

The current guideline value of Narayana Lane is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and falls under the Residential Class III Type - III land classification.

How the guideline value of Narayana Lane has changed

The guideline value for Narayana Lane has seen several revisions over the years. The 2012 revision set the value at Rs 8,000 per sq.ft, which remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 8,800 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for Narayana Lane in the revisions for the years 2002, 2003, 2007, and 2017. Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 10%.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that have a 2024 guideline value ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which is equal to the current guideline value of Narayana Lane.

• Narayana Chetty Street: Rs 4,900 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 Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000, bringing the total cost for these fees to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations based on your specific property details.

Which Sub Registrar Office covers Narayana Lane?

The Sub Registrar Office that covers Narayana Lane is 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 is a crucial factor during the registration process when buying or selling property in Mylapore. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value serves as a benchmark for the minimum value at which the property can be registered. Buyers and sellers must consider this value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Narayana Lane?

The current guideline value of Narayana Lane is Rs 8,800 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

From the 2023 revision to the 2024 revision, the guideline value increased by 10%, from Rs 8,000 per sq.ft to Rs 8,800 per sq.ft.

What is the land classification of Narayana Lane?

Narayana Lane falls under the Residential Class III Type - III land classification.

Where is the Mylapore Sub Registrar Office located?

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

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 88,00,000, the stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000.