Guideline Value for NARAYANASAMY THOTTAM 1ST STREET

Narayanasamy Thottam 1st Street guideline value

The current guideline value of Narayanasamy Thottam 1st Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class V Type - I.

How the guideline value of Narayanasamy Thottam 1st Street has changed

The guideline value for Narayanasamy Thottam 1st Street has undergone several revisions over the years. In 2002, the guideline value was Rs 894 per sq.ft, which increased to Rs 993 per sq.ft in 2003, marking a change of +11%. The value saw a modest increase to Rs 1,000 per sq.ft in 2007, followed by a significant jump to Rs 5,500 per sq.ft in 2012, reflecting a change of +450%. However, it then decreased to Rs 3,685 per sq.ft in 2017, a decline of -33%. The value rose again to Rs 5,500 per sq.ft in 2023, and finally, it reached the current value of Rs 6,000 per sq.ft in 2024, which is an increase of +9% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +571%. There are no figures available for revisions in years not mentioned in the register.

Guideline values in Mylapore

In Mylapore village, 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, with a median value of Rs 8,800 per sq.ft. The guideline value for Narayanasamy Thottam 1st Street is below this median.

• Narayanasamy Thottam 2nd Lane: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 1st Lane: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 2nd Street: Rs 6,000 per sq.ft (2024)
• Narayanasamy Thottam 3rd Lane: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 3rd Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanasamy Thottam 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty, calculated at 7%, would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, making the total cost for these fees Rs 5,40,000. Duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narayanasamy Thottam 1st Street?

The Sub Registrar Office that covers Narayanasamy Thottam 1st Street 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 critical factor in the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When buying or selling property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Narayanasamy Thottam 1st Street?

The current guideline value of Narayanasamy Thottam 1st Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 894 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of +571% over the years.

What is the land classification for Narayanasamy Thottam 1st Street?

The land classification for Narayanasamy Thottam 1st Street is Residential Class V Type - I.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Narayanasamy Thottam 1st Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000.