Guideline Value for NARAYANASAMY THOTTAM 2ND STREET

Narayanasamy Thottam 2nd Street guideline value

The current guideline value for Narayanasamy Thottam 2nd 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 2nd Street has changed

The guideline value for Narayanasamy Thottam 2nd Street has seen several revisions over the years. Starting from Rs 783 per sq.ft in 2002, the value increased to Rs 870 per sq.ft in 2003, marking an 11% increase. The value then rose to Rs 1,000 per sq.ft in 2007, which was a 15% increase. Following that, there was a significant jump to Rs 5,500 per sq.ft in 2012, representing a 450% increase. However, the value dropped to Rs 3,685 per sq.ft in 2017, showing a decrease of 33%. The value then increased again to Rs 5,500 per sq.ft in 2023, followed by the current value of Rs 6,000 per sq.ft in 2024, which is a 9% increase.

Overall, from 2002 to 2024, the guideline value has increased by 666%. The register has no figures for the years not mentioned in the revisions above.

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 value for these streets is Rs 8,800 per sq.ft, which means that Narayanasamy Thottam 2nd Street's 2024 figure is below that median.

• Narayanasamy Thottam 3rd Lane: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 2nd Lane: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 3rd Street: Rs 6,000 per sq.ft (2024)
• Narayanasamy Thottam 1st Street: Rs 6,000 per sq.ft (2024)
• Narayanasamy Thottam 4th lane: 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 Narayanasamy Thottam 2nd 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 at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees together to Rs 5,40,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Narayanasamy Thottam 2nd Street?

The Sub Registrar Office covering Narayanasamy Thottam 2nd 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

When buying or selling property in Mylapore, the guideline value plays a crucial role in determining the stamp duty and registration fees. The guideline value is set by the government and is used as a reference for property transactions, ensuring that the transaction is registered at a fair value.

At the time of registration, the buyer must pay stamp duty based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Narayanasamy Thottam 2nd Street?

The current guideline value of Narayanasamy Thottam 2nd 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 783 per sq.ft in 2002 to Rs 6,000 per sq.ft in 2024, marking an overall increase of 666% over the years.

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

The land classification for Narayanasamy Thottam 2nd Street is Residential Class V Type - I.

What are the stamp duty and registration fees for this street?

For a property of 1,000 sq.ft at the current guideline value, the total guideline value is Rs 60,00,000. The stamp duty would be Rs 4,20,000, and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000.

Which office handles registrations for Narayanasamy Thottam 2nd Street?

The Mylapore Sub Registrar Office handles registrations for Narayanasamy Thottam 2nd Street, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.