Guideline Value for NORTON 2ND LANE/STREET

Norton 2nd Lane/Street guideline value

The current guideline value of Norton 2nd 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 2nd Lane/Street has changed

The guideline value for Norton 2nd Lane/Street has seen several revisions over the years. In 2003, the value was Rs 1,694 per sq.ft, which increased to Rs 1,750 per sq.ft in 2007. The value then rose significantly to Rs 8,500 per sq.ft in 2012, before dropping to Rs 5,695 per sq.ft in 2017. The most recent revision in 2023 set the value at Rs 8,500 per sq.ft, which increased to Rs 9,300 per sq.ft in 2024, reflecting a 9% increase from the previous year.

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

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values for 2024 ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value is Rs 8,800 per sq.ft, placing Norton 2nd Lane/Street above this median.

• Norton 1st 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 2nd 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 would be 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 charges to Rs 8,37,000. It is important to note that 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 Norton 2nd Lane/Street?

The Norton 2nd Lane/Street falls under 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 the property registration process in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the value of the property in the eyes of the government. It is essential for buyers to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Norton 2nd Lane/Street?

The current guideline value of Norton 2nd 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, reflecting a significant increase over the years, including a 49% rise from 2017 to 2023.

What is the stamp duty for property in Norton 2nd Lane/Street?

The stamp duty for property in Norton 2nd Lane/Street is 7% of the guideline value or sale price, whichever is higher.

Which office handles property registration for Norton 2nd Lane/Street?

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

What is the median guideline value in Mylapore?

The median guideline value in Mylapore is Rs 8,800 per sq.ft, with Norton 2nd Lane/Street's value being above this median.