Guideline Value for Narayana Mesthri First Street

Narayana Mesthri First Street guideline value

The current guideline value of Narayana Mesthri First Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Malligaicherry village and falls under the Konnur SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Narayana Mesthri First Street has changed

The guideline value for Narayana Mesthri First Street has seen several revisions over the years. Starting from the 2002 revision, the value was Rs 416 per sq.ft. This increased to Rs 450 per sq.ft in 2003, marking an 8% rise. The value then saw a significant jump to Rs 800 per sq.ft in 2007, which was a 78% increase. Following that, the 2012 revision set the value at Rs 2,500 per sq.ft, reflecting a substantial increase of 213%. However, the value decreased to Rs 1,675 per sq.ft in 2017, a decline of 33%. The value was then revised to Rs 2,500 per sq.ft in 2023, before reaching the current figure of Rs 2,750 per sq.ft in 2024, indicating a 10% increase from the previous year.

There are no figures available for the revisions of this street in any other years. The overall change from 2002 to 2024 represents a significant increase of 561%.

Guideline values in Malligaicherry

In Malligaicherry, there are 49 streets under the Konnur SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft, with a median value of Rs 2,400 per sq.ft. The guideline value for Narayana Mesthri First Street is above this median.

• Narayana Mesthri Second Street: Rs 2,400 per sq.ft (2024)
• Narayana Mesthri Third Street: Rs 2,400 per sq.ft (2024)
• Murugesan Nagar: Rs 2,400 per sq.ft (2024)
• M.T.H. Road: Rs 6,000 per sq.ft (2024)
• Moorthi Nagar: Rs 3,800 per sq.ft (2024)
• Masuthi Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Narayana Mesthri First Street

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, totaling Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narayana Mesthri First Street?

The Sub Registrar Office that covers Narayana Mesthri First Street is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more details.

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

The guideline value is a crucial factor during the registration process of property transactions in Malligaicherry. It serves as a benchmark to determine the minimum value at which a property can be registered, ensuring that the government receives appropriate stamp duty and registration fees based on this value.

When buying or selling property, it is essential to consider the guideline value as it directly impacts the costs associated with the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, which can affect the overall expenses involved in the property transfer.

Frequently asked questions

What is the current guideline value of Narayana Mesthri First Street?

The current guideline value of Narayana Mesthri First Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 416 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting an overall increase of 561% over this period.

What is the land classification for Narayana Mesthri First Street?

Narayana Mesthri First Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Narayana Mesthri First Street?

The Sub Registrar Office for Narayana Mesthri First Street is the Konnur Sub Registrar Office, located at Sub Register Office, Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the stamp duty for a property in Narayana Mesthri First Street?

The stamp duty for a property in Narayana Mesthri First Street is 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 1,92,500.