Guideline Value for NARAYANASAMY THOTTAM 2ND LANE

Narayanasamy Thottam 2nd Lane guideline value

The current guideline value for Narayanasamy Thottam 2nd Lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the Mylapore SRO, and is classified as Residential Class V Type - II.

How the guideline value of Narayanasamy Thottam 2nd Lane has changed

The guideline value for Narayanasamy Thottam 2nd Lane has undergone several revisions over the years. Starting from the 2002 revision, the value was Rs 498 per sq.ft. This increased to Rs 554 per sq.ft in 2003, marking an increase of 11%. The next significant jump occurred in 2007 when the value rose to Rs 1,000 per sq.ft, an increase of 81%. By 2012, the guideline value had further increased to Rs 4,500 per sq.ft, reflecting a substantial rise of 350% from the previous revision. However, it dropped to Rs 3,015 per sq.ft in 2017, a decrease of 33%. The value then increased to Rs 4,500 per sq.ft in 2023, followed by the current value of Rs 4,900 per sq.ft in 2024, which represents a 9% increase from the previous year.

Overall, from 2002 to 2024, the guideline value for Narayanasamy Thottam 2nd Lane has increased by 884%. There are no figures available for the revisions in years other than those listed.

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 2nd Lane is below this median.

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

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 be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, totaling Rs 4,41,000. It is important to note that 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 details.

Which Sub Registrar Office covers Narayanasamy Thottam 2nd Lane?

The Sub Registrar Office that covers Narayanasamy Thottam 2nd 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 when registering 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 in line with government assessments.

When buying or selling property, the guideline value is used to calculate stamp duty and registration fees, which are mandatory costs associated with the transaction. This ensures that both parties are aware of the official valuation of the property being exchanged.

Frequently asked questions

What is the current guideline value for Narayanasamy Thottam 2nd Lane?

The current guideline value for Narayanasamy Thottam 2nd Lane 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 seen several revisions, starting from Rs 498 per sq.ft in 2002 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 884% over the years.

What is the land classification for Narayanasamy Thottam 2nd Lane?

Narayanasamy Thottam 2nd Lane is classified as Residential Class V Type - II.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value or the sale price, whichever is higher, while the registration fee is 2% of the guideline value or sale price.

Which office registers property transactions in Narayanasamy Thottam 2nd Lane?

The Mylapore Sub Registrar Office is responsible for registering property transactions in Narayanasamy Thottam 2nd Lane, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.