Guideline Value for Subbaraya Naicken Lane

Subbaraya Naicken Lane guideline value

The current guideline value of Subbaraya Naicken Lane is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet Sub Registrar Office (SRO). The land classification for this area is Commercial Class I Type - III.

How the guideline value of Subbaraya Naicken Lane has changed

The guideline value for Subbaraya Naicken Lane has seen several revisions over the years. The earliest available figure is from 2007, which was Rs 2,500 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in 2012, marking a 140% rise. However, it then decreased to Rs 4,020 per sq.ft in 2017, a drop of 33%. The value rose again to Rs 6,000 per sq.ft in 2023, reflecting a 49% increase. The current revision for 2024 shows a further increase to Rs 6,600 per sq.ft, which is a 10% rise from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 164%.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 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, placing Subbaraya Naicken Lane's 2024 figure above this median.

• Subbaraya Pillai Street: Rs 4,400 per sq.ft (2024)
• Subbu Chetty Street: Rs 4,400 per sq.ft (2024)
• Stringer Street (Walltax Road): Rs 6,000 per sq.ft (2024)
• Stringer Street (Broadway): Rs 8,800 per sq.ft (2024)
• Stratan Muthaiya Mudali Street: Rs 6,000 per sq.ft (2024)
• Subramani Chetty Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Subbaraya Naicken Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000. Together, the total cost for these fees would be Rs 5,94,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Subbaraya Naicken Lane?

The Sub Registrar Office that covers Subbaraya Naicken 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 plays a crucial role in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these 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 Subbaraya Naicken Lane?

The current guideline value of Subbaraya Naicken Lane is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, marking an overall increase of 164% over the years.

What are the stamp duty and registration fees for property in Subbaraya Naicken Lane?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office registers properties in Muthiyalpet?

The Sowcarpet Sub Registrar Office is responsible for registering properties in Muthiyalpet, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Subbaraya Naicken Lane?

The land classification for Subbaraya Naicken Lane is Commercial Class I Type - III, indicating its suitability for commercial activities.