Guideline Value for Narayana Chetty Street

Narayana Chetty Street guideline value

The current guideline value of Narayana Chetty Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Class I Type - I.

How the guideline value of Narayana Chetty Street has changed

The guideline value for Narayana Chetty Street has undergone several revisions over the years. In 2003, the guideline value was Rs 1,100 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007. Following this, the value saw a significant rise to Rs 4,000 per sq.ft in 2012, but then dropped to Rs 2,680 per sq.ft in 2017. The value increased again to Rs 4,000 per sq.ft in 2023 and has now reached Rs 4,400 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 300%. The register does not contain figures for the year 2002 for this street.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which is the same as the current guideline value for Narayana Chetty Street.

• Narayana Mudali Street: Rs 13,000 per sq.ft (2024)
• Narayanan 1st Street: Rs 4,400 per sq.ft (2024)
• Narayanan 2nd Street: Rs 4,400 per sq.ft (2024)
• Narayanan Aiyer Street: Rs 5,500 per sq.ft (2024)
• Narayanan Lane: Rs 4,900 per sq.ft (2024)
• Narasimha Desai Dasari Lane: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Narayana Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total costs to Rs 3,96,000. It is important to note that the 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 Narayana Chetty Street?

Narayana Chetty Street falls under the jurisdiction of the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Muthiyalpet

The guideline value is a crucial factor in the registration of property transactions in Muthiyalpet. It serves as a benchmark for calculating the stamp duty and registration fees, which are mandatory for property transfers.

When buying or selling property, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in the real estate market. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Narayana Chetty Street?

The current guideline value of Narayana Chetty Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, from Rs 1,100 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, marking an overall increase of 300% over this period.

What is the stamp duty rate for properties in Narayana Chetty Street?

The stamp duty for properties in Narayana Chetty Street is charged at 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Narayana Chetty Street located?

The Sowcarpet Sub Registrar Office, which covers Narayana Chetty Street, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

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

Other streets in Muthiyalpet, such as Narayanan 1st Street and Narayanan 2nd Street, also have a guideline value of Rs 4,400 per sq.ft in 2024, while streets like Narayana Mudali Street have a higher value of Rs 13,000 per sq.ft.