Guideline Value for Narayanan 1st Street

Narayanan 1st Street guideline value

The current guideline value of Narayanan 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the jurisdiction of the Sowcarpet SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Narayanan 1st Street has changed

The guideline value for Narayanan 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2003, where the value was Rs 931 per sq.ft. This increased to Rs 1,200 per sq.ft in 2007, marking a significant rise of 29%. By 2012, the value was Rs 4,000 per sq.ft, reflecting a substantial increase of 233%. However, it decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value then surged to Rs 4,000 per sq.ft in 2023, and further increased to the current value of Rs 4,400 per sq.ft in 2024, which is a 10% rise.

There is no recorded figure for Narayanan 1st Street in 2002. Overall, from 2003 to 2024, the guideline value has increased by 373%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Narayanan 1st Street.

• Narayana Mudali Street: Rs 13,000 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 Narayanan 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty, calculated at 7%, would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total fees to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Narayanan 1st Street?

The Sub Registrar Office that covers Narayanan 1st Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration of property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable fees. Buyers should be aware that the stamp duty and registration fees are based on the higher of the guideline value or the sale price, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Narayanan 1st Street?

The current guideline value of Narayanan 1st Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 931 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 373% over this period.

What is the land classification for Narayanan 1st Street?

Narayanan 1st Street is classified as Residential Class I Type - I.

Where can I find the Sub Registrar Office for Narayanan 1st Street?

The Sub Registrar Office for Narayanan 1st Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 44,00,000, the stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000.