Guideline Value for NORTON 1ST LANE/STREET

Norton 1st Lane/Street guideline value

The current guideline value of Norton 1st Lane/Street is Rs 9,300 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 III Type - II.

How the guideline value of Norton 1st Lane/Street has changed

The guideline value for Norton 1st Lane/Street has seen several revisions over the years. In the 2003 revision, the value was Rs 1,694 per sq.ft. This increased to Rs 1,750 per sq.ft in 2007, marking a rise of 3%. The value then surged to Rs 8,500 per sq.ft in 2012, reflecting a significant increase of 386%. However, in the 2017 revision, the value dropped to Rs 5,695 per sq.ft, a decrease of 33%. The guideline value then rose sharply to Rs 8,500 per sq.ft in 2023, followed by a further increase to Rs 9,300 per sq.ft in 2024, which is a 9% rise.

Overall, from 2003 to 2024, the guideline value has increased by 449%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with 2024 guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Norton 1st Lane/Street's 2024 figure above this median.

• Norton 2nd Lane/Street: Rs 9,300 per sq.ft (2024)
• Norton 3rd Lane/Street: Rs 9,300 per sq.ft (2024)
• Norton Street/Road: Rs 9,300 per sq.ft (2024)
• Nochikkuppam Tnscb Tenements: Rs 3,300 per sq.ft (2024)
• Nochikkuppam Slum: Rs 3,300 per sq.ft (2024)
• Nithiyanandam Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Norton 1st Lane/Street

For a 1,000 sq.ft plot at the current guideline value of Rs 9,300 per sq.ft, the total guideline value amounts to Rs 93,00,000. The stamp duty at 7% would be Rs 6,51,000, and the registration fee at 2% would be Rs 1,86,000, bringing the total to Rs 8,37,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Norton 1st Lane/Street?

The Norton 1st Lane/Street falls under the jurisdiction of 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 of property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable charges. This ensures that the registration fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Norton 1st Lane/Street?

The current guideline value of Norton 1st Lane/Street is Rs 9,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,694 per sq.ft in 2003 to Rs 9,300 per sq.ft in 2024, marking an overall increase of 449% over these years.

What is the classification of Norton 1st Lane/Street?

Norton 1st Lane/Street is classified as Residential Class III Type - II under the Mylapore SRO.

Where can I find the Sub Registrar Office for Norton 1st Lane/Street?

The Mylapore Sub Registrar Office, which covers Norton 1st Lane/Street, is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is the stamp duty calculated for properties in Norton 1st Lane/Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 93,00,000, the stamp duty would be Rs 6,51,000 at 7%.