Guideline Value for Ayalur Muthaiah Street

Ayalur Muthaiah Street guideline value

The current guideline value of Ayalur Muthaiah Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, and it is classified as Residential Special Type - II.

How the guideline value of Ayalur Muthaiah Street has changed

Over the years, the guideline value of Ayalur Muthaiah Street has seen significant changes. In the 2007 revision, the value was Rs 1,700 per sq.ft, which increased to Rs 5,000 per sq.ft in the 2012 revision. However, this was followed by a decrease to Rs 3,350 per sq.ft in the 2017 revision. The 2023 revision saw an increase to Rs 5,000 per sq.ft, and the most recent 2024 revision set the value at Rs 5,500 per sq.ft, reflecting a 10% increase from the previous year. The register has no figures for the years 2002 and 2003.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. The jump from 2007 to 2012 saw a substantial rise of 194%, while the overall change from 2007 to 2024 represents an increase of 224% in the guideline value per sq.ft.

Guideline values in Muthiyalpet

In Muthiyalpet village, there are 357 streets under the Sowcarpet SRO that have a guideline value for 2024 ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, placing Ayalur Muthaiah Street's 2024 figure above this median.

• Ayarn Mangar Street: Rs 4,400 per sq.ft (2024)
• Ayyan Mudali Street: Rs 4,400 per sq.ft (2024)
• Ayya Pillai Street: Rs 8,800 per sq.ft (2024)
• Athiappan Naicken Street: Rs 8,800 per sq.ft (2024)
• Athiappan Naicken Lane: Rs 8,800 per sq.ft (2024)
• Asthapujam Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Ayalur Muthaiah Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost for these fees would be Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ayalur Muthaiah Street?

Ayalur Muthaiah Street falls under the jurisdiction of 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 a crucial aspect of property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, this value is used to calculate the stamp duty and registration fees that need to be paid at the time of registration.

In essence, the guideline value ensures that the property is registered at a fair value, preventing undervaluation and ensuring that the government receives the appropriate revenue from property transactions. It is advisable for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Ayalur Muthaiah Street?

The current guideline value of Ayalur Muthaiah Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 1,700 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 224% over this period.

What are the stamp duty and registration fees for properties on Ayalur Muthaiah Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Which Sub Registrar Office covers Ayalur Muthaiah Street?

Ayalur Muthaiah Street is under the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Ayalur Muthaiah Street?

Ayalur Muthaiah Street is classified as Residential Special Type - II, indicating its intended use for residential purposes.