Guideline Value for Narayana Sarang gardern 1st lane

Narayana Sarang gardern 1st lane guideline value

The current guideline value for Narayana Sarang gardern 1st lane is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification is Residential Class I Type - III.

How the guideline value of Narayana Sarang gardern 1st lane has changed

Over the years, the guideline value for Narayana Sarang gardern 1st lane has seen several revisions. The 2007 revision set the value at Rs 1,500 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012, marking a 200% rise. However, from 2012 to 2017, the value decreased to Rs 3,015 per sq.ft, a decline of 33%. The 2017 revision brought it back up to Rs 4,500 per sq.ft in 2023, and the most recent revision in 2024 has set the value at Rs 4,900 per sq.ft, reflecting a 9% increase.

To summarize the changes: from 2017 to 2023, there was a 49% increase, and from 2007 to 2024, the overall increase amounts to 227%. Notably, the register does not contain figures for the years 2002 and 2003 for this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that have a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value for Narayana Sarang gardern 1st lane is below this median.

• Narayana Sarang gardern 2nd lane: Rs 4,900 per sq.ft (2024)
• Narayana Sarang gardern street (godown street): Rs 4,900 per sq.ft (2024)
• Narayanappa street: Rs 7,100 per sq.ft (2024)
• Naniappan street: Rs 5,500 per sq.ft (2024)
• Muthumari street: Rs 5,500 per sq.ft (2024)
• New Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Narayana Sarang gardern 1st lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value amounts to Rs 49,00,000. The stamp duty at 7% would be Rs 3,43,000, and the registration fee at 2% would be Rs 98,000, bringing the total fees to Rs 4,41,000. It is important to note that 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 Sarang gardern 1st lane?

The Sub Registrar Office that covers Narayana Sarang gardern 1st lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value plays a crucial role in property transactions in Muthialpet. It serves as a benchmark for determining the minimum value of a property for registration purposes. Buyers and sellers must consider this value when finalizing the sale price, as it affects the stamp duty and registration fees.

During the registration process, the guideline value is used to calculate the applicable fees, which are based on the higher of the guideline value or the actual sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value for Narayana Sarang gardern 1st lane?

The current guideline value for Narayana Sarang gardern 1st lane is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 227% over the years.

What is the land classification for Narayana Sarang gardern 1st lane?

The land classification for Narayana Sarang gardern 1st lane is Residential Class I Type - III.

Where can I find the registration office for this area?

The registration office for Narayana Sarang gardern 1st lane is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

How is stamp duty calculated for properties in Muthialpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 49,00,000, the stamp duty would be calculated at 7% of this amount.