Guideline Value for Narayana Sarang Gardern Street (Godown Street)

Narayana Sarang gardern street (godown street) guideline value

The current guideline value of Narayana Sarang gardern street (godown street) 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 for this area is Residential Class I Type - III.

How the guideline value of Narayana Sarang gardern street (godown street) has changed

The guideline value for Narayana Sarang gardern street has seen several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012, marking a 200% rise. However, the value then decreased to Rs 3,015 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 4,500 per sq.ft in 2023, followed by a further increase to Rs 4,900 per sq.ft in 2024, reflecting a 9% change between these two years. The register has no figures for the years 2002 and 2003 for this street.

From 2017 to 2023, there was a notable increase of 49%, bringing the value back up significantly. Overall, from 2007 to 2024, the guideline value has increased by 227%, demonstrating a substantial long-term change in the value of this street.

Guideline values in Muthialpet

Muthialpet village has a total of 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value for these streets is Rs 5,500 per sq.ft, placing Narayana Sarang gardern street's 2024 figure below this median.

• Narayana Sarang gardern 2nd lane: Rs 4,900 per sq.ft (2024)
• Narayana Sarang gardern 1st lane: 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 street (godown street)

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 together to Rs 4,41,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations based on your property details.

Which Sub Registrar Office covers Narayana Sarang gardern street (godown street)?

The Sub Registrar Office that covers Narayana Sarang gardern street 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 further assistance.

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

When buying or selling property in Muthialpet, the guideline value plays a crucial role in determining the stamp duty and registration fees applicable to the transaction. The guideline value is used as a benchmark to ensure that the property is registered at a value that reflects the current market conditions as per the government’s assessment.

During the registration process, the buyer must pay stamp duty on the higher of the guideline value or the sale price. This ensures that the government receives appropriate revenue from property transactions, which is essential for local development and infrastructure.

Frequently asked questions

What is the current guideline value of Narayana Sarang gardern street?

The current guideline value of Narayana Sarang gardern street (godown street) 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, representing an overall increase of 227% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 and the registration fee would be Rs 98,000, totaling Rs 4,41,000.

Which office handles the registration of properties in Muthialpet?

The Chennai North Joint I Sub Registrar Office handles the registration of properties in Muthialpet, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

How does the guideline value affect property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. Buyers must pay duty on the higher of the guideline value or the sale price, ensuring that the transaction reflects the government's valuation.