Guideline Value for Narayana Mudali Street

Narayana Mudali Street guideline value

The current guideline value of Narayana Mudali Street is Rs 13,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Commercial Class I Type - I.

How the guideline value of Narayana Mudali Street has changed

The guideline value for Narayana Mudali Street has seen several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 4,833 per sq.ft. This increased to Rs 5,500 per sq.ft in 2007, marking a rise of 14%. In 2012, the value rose to Rs 12,000 per sq.ft, a significant increase of 118%. However, in 2017, it decreased to Rs 8,040 per sq.ft, reflecting a decline of 33%. The value then increased again to Rs 12,000 per sq.ft in 2023, followed by the current value of Rs 13,000 per sq.ft in 2024, which is an increase of 8%.

Overall, from 2003 to 2024, the guideline value has increased by 169%. It is important to note that there is no recorded figure for Narayana Mudali Street in the 2002 revision.

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 as of 2024. The median value for these streets is Rs 4,400 per sq.ft, placing Narayana Mudali Street's 2024 guideline value above this median.

• Narayanan 1st Street: Rs 4,400 per sq.ft (2024)
• Narayanan 2nd Street: Rs 4,400 per sq.ft (2024)
• Narayana Chetty 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 Mudali Street

For a 1,000 sq.ft plot at the current guideline value of Rs 13,000 per sq.ft, the total guideline value amounts to Rs 1,30,00,000. The stamp duty at 7% would be Rs 9,10,000, and the registration fee at 2% would be Rs 2,60,000, bringing the total cost for these fees to Rs 11,70,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Narayana Mudali Street?

The Sub Registrar Office that covers Narayana Mudali Street is 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 property transactions in Muthiyalpet, as it serves as a benchmark for determining the minimum price at which a property can be registered. This value is used to calculate the stamp duty and registration fees that are mandatory during the sale or purchase of a property.

When buying or selling property, it is essential to be aware of the current guideline value, as it directly impacts the financial obligations involved in the transaction. Buyers should ensure that the sale price meets or exceeds the guideline value to avoid any issues during registration.

Frequently asked questions

What is the current guideline value of Narayana Mudali Street?

The current guideline value of Narayana Mudali Street is Rs 13,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 4,833 per sq.ft in 2003 to Rs 13,000 per sq.ft in 2024, reflecting a total increase of 169% over this period.

What is the land classification for Narayana Mudali Street?

Narayana Mudali Street is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

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

The Sub Registrar Office for Narayana Mudali Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Narayana Mudali Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property with a guideline value of Rs 1,30,00,000 would incur a stamp duty of Rs 9,10,000 at a rate of 7%.