Guideline Value for Narayanan Lane

Narayanan Lane guideline value

The current guideline value of Narayanan Lane in Muthiyalpet village is Rs 4,900 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sowcarpet Sub Registrar Office and is classified as Residential Special Type - III.

How the guideline value of Narayanan Lane has changed

The guideline value for Narayanan Lane has seen several revisions over the years. In 2007, the value was Rs 1,600 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012, marking a rise of 181%. However, from 2012 to 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of 33%. The value then rose sharply to Rs 4,500 per sq.ft in 2023, reflecting a 49% increase. Currently, the guideline value stands at Rs 4,900 per sq.ft as of the 2024 revision, representing a 9% increase from the previous year.

It is important to note that there are no figures available for Narayanan Lane in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 206%.

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 for these streets is Rs 4,400 per sq.ft, making Narayanan Lane's current value of Rs 4,900 per sq.ft above the median.

• Narayanan Aiyer Street: Rs 5,500 per sq.ft (2024)
• Narayanan 2nd Street: Rs 4,400 per sq.ft (2024)
• Narayanan 1st Street: Rs 4,400 per sq.ft (2024)
• Narayana Mudali Street: Rs 13,000 per sq.ft (2024)
• Narayana Chetty Street: Rs 4,400 per sq.ft (2024)
• Narasimha Desai Dasari Lane: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Narayanan Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to 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 and the sale price.

You can also use the stamp duty and registration fee calculator for more accurate calculations.

Which Sub Registrar Office covers Narayanan Lane?

The Sub Registrar Office that covers Narayanan Lane 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 an important factor during the registration of property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

Frequently asked questions

What is the current guideline value of Narayanan Lane?

The current guideline value of Narayanan 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 1,600 per sq.ft in 2007 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 206% over this period.

What is the land classification for Narayanan Lane?

Narayanan Lane is classified as Residential Special Type - III, indicating its intended use for residential purposes.

Where can I find the Sub Registrar Office for Narayanan Lane?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01, and is responsible for registrations in the area.

How is the stamp duty calculated for properties in Narayanan Lane?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applied to the same value.