Guideline Value for NARAYANASAMY THOTTAM 3RD STREET

Narayanasamy Thottam 3rd Street guideline value

The current guideline value of Narayanasamy Thottam 3rd Street is Rs 6,000 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 - I land classification.

How the guideline value of Narayanasamy Thottam 3rd Street has changed

The guideline value for Narayanasamy Thottam 3rd Street has seen several revisions over the years. In 2002, the value was Rs 783 per sq.ft, which increased to Rs 870 per sq.ft in 2003, marking an increase of 11%. The value then rose to Rs 1,000 per sq.ft in 2007, a 15% increase. Following that, there was a significant jump to Rs 5,500 per sq.ft in 2012, reflecting a 450% increase. However, the value dropped to Rs 3,685 per sq.ft in 2017, a decrease of 33%. The value increased again to Rs 5,500 per sq.ft in 2023, and finally, it is now Rs 6,000 per sq.ft in 2024, representing a 9% increase from the previous year. The register has no figure for the years not mentioned.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO with 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, placing Narayanasamy Thottam 3rd Street's 2024 figure below that median.

• NARAYANASAMY THOTTAm 4th lane: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 3rd Lane: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 2nd Street: Rs 6,000 per sq.ft (2024)
• Narayanasamy Thottam 2nd Lane: Rs 4,900 per sq.ft (2024)
• Narayanasamy Thottam 1st Street: Rs 6,000 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 3rd 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 to Rs 5,40,000. 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 3rd Street?

The Sub Registrar Office that covers Narayanasamy Thottam 3rd 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 crucial factor in property transactions in Mylapore. It is used to determine the stamp duty and registration fees that must be paid during the registration of a property sale. Buyers and sellers should be aware that these fees are calculated based on the higher of the guideline value or the sale price.

When a property is registered, the guideline value ensures that the transaction is recorded at a standardized value, which helps in maintaining transparency in property dealings. This system aids in preventing undervaluation or overvaluation of properties during transactions.

Frequently asked questions

What is the current guideline value of Narayanasamy Thottam 3rd Street?

The current guideline value of Narayanasamy Thottam 3rd 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, reflecting an overall increase of 666% over the years.

What is the land classification for Narayanasamy Thottam 3rd Street?

Narayanasamy Thottam 3rd Street is classified under Residential Class V Type - I.

What are the registration fees for properties in Narayanasamy Thottam 3rd Street?

The registration fees include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Narayanasamy Thottam 3rd Street located?

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