Guideline Value for NORTON 3RD LANE/STREET

Norton 3rd Lane/Street guideline value

The current guideline value of Norton 3rd 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 3rd Lane/Street has changed

The guideline value for Norton 3rd Lane/Street has undergone several revisions over the years. The earliest available figure is from 2003, where it was Rs 1,694 per sq.ft. This increased to Rs 1,750 per sq.ft in 2007, marking a rise of 3%. In 2012, the value saw a significant jump to Rs 8,500 per sq.ft, reflecting an increase of 386%. However, this value decreased to Rs 5,695 per sq.ft in 2017, a drop of 33%. The guideline value then rose sharply to Rs 8,500 per sq.ft in 2023, followed by the current value of Rs 9,300 per sq.ft in 2024, which is 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 there is no figure available for the year 2002 in the register for this street.

Guideline values in Mylapore

In Mylapore village, there are 883 streets under the Mylapore SRO, with guideline values in 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 3rd Lane/Street above this median.

• Norton 2nd Lane/Street: Rs 9,300 per sq.ft (2024)
• Norton Street/Road: Rs 9,300 per sq.ft (2024)
• Norton 1st Lane/Street: 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 3rd 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, while the registration fee at 2% would be Rs 1,86,000. The total cost for stamp duty and registration would amount 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Norton 3rd Lane/Street?

The Sub Registrar Office that covers Norton 3rd Lane/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 an essential factor in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees, which are necessary for the legal transfer of ownership. Buyers should be aware that these fees can significantly impact the overall cost of purchasing property in the area.

Frequently asked questions

What is the current guideline value of Norton 3rd Lane/Street?

The current guideline value of Norton 3rd 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, with various revisions in between reflecting increases and decreases in value.

What is the registration office for Norton 3rd Lane/Street?

The registration office for Norton 3rd Lane/Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in Norton 3rd Lane/Street?

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

What are the other streets in Mylapore with similar guideline values?

Other streets in Mylapore with similar guideline values include Norton 1st Lane/Street, Norton 2nd Lane/Street, and Norton Street/Road, all valued at Rs 9,300 per sq.ft in 2024.