Guideline Value for Narayana Mesthri Second Street

Narayana Mesthri Second Street guideline value

The current guideline value of Narayana Mesthri Second Street is Rs 2,400 per sq.ft, effective from 1 July 2024. This street is located in Malligaicherry village, under the Konnur Sub Registrar Office (SRO), and is classified as Residential Class II Type - I.

How the guideline value of Narayana Mesthri Second Street has changed

The guideline value for Narayana Mesthri Second Street has seen several revisions over the years. The earliest recorded figure is from 2002, which was Rs 416 per sq.ft. This increased to Rs 450 per sq.ft in 2003, marking an 8% rise. The value then rose significantly to Rs 800 per sq.ft in 2007, a 78% increase. Following this, in 2012, the guideline value was Rs 2,250 per sq.ft, which represented a substantial 181% increase from the previous figure. However, this was followed by a decline to Rs 1,507 per sq.ft in 2017, a decrease of 33%.

In the 2023 revision, the value was set at Rs 2,250 per sq.ft, and then it increased to Rs 2,400 per sq.ft in 2024, reflecting a 7% rise. Overall, from 2002 to 2024, the guideline value has increased by 477%.

Guideline values in Malligaicherry

In Malligaicherry, there are 49 streets under the Konnur SRO that have 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 Second Street is equal to this median value.

• Narayana Mesthri First Street: Rs 2,750 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 Second Street

For a 1,000 sq.ft plot at the current rate of Rs 2,400 per sq.ft, the guideline value would be Rs 24,00,000. The stamp duty at 7% would be Rs 1,68,000, and the registration fee at 2% would be Rs 48,000, bringing the total to Rs 2,16,000. 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 Narayana Mesthri Second Street?

The Sub Registrar Office that covers Narayana Mesthri Second Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. For more information, you can find your SRO.

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

The guideline value is a crucial reference point during property registration in Malligaicherry. It is used to determine the stamp duty and registration fees that must be paid when a property transaction occurs. Buyers and sellers should be aware that the guideline value can influence the overall costs associated with the sale or purchase of property.

When registering a property, the guideline value serves as a baseline for calculating the necessary fees. It ensures that the transaction is recorded at a fair value, which is essential for maintaining transparency in property dealings.

Frequently asked questions

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

The current guideline value of Narayana Mesthri Second Street is Rs 2,400 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 2,400 per sq.ft in 2024, reflecting an overall increase of 477% over this period.

What is the land classification for Narayana Mesthri Second Street?

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

Which office should I visit for property registration in this area?

The Konnur Sub Registrar Office is responsible for property registration in Narayana Mesthri Second Street, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

How is stamp duty calculated for properties in Narayana Mesthri Second Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 24,00,000 would incur a stamp duty of Rs 1,68,000 at a rate of 7%.