Guideline Value for Ayyapa street

Ayyapa street guideline value

The current guideline value of Ayyapa street in Muthialpet village is Rs 7,100 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - II.

How the guideline value of Ayyapa street has changed

The guideline value for Ayyapa street has undergone several revisions over the years. In 2007, the guideline value was Rs 2,300 per sq.ft, which increased significantly to Rs 6,500 per sq.ft in 2012. However, it saw a decrease to Rs 4,355 per sq.ft in 2017. The value then rose to Rs 6,500 per sq.ft in 2023, and the most recent revision in 2024 has set the value at Rs 7,100 per sq.ft. Notably, the register has no figure for this street for the years 2002 and 2003.

From 2017 to 2023, the increase was 49%, while the jump from 2023 to 2024 is 9%. Overall, from 2007 to 2024, the guideline value has increased by 209%. The fluctuations in the values reflect the changes in the real estate landscape over the years.

Guideline values in Muthialpet

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

• Ayyasamy 1st lane: Rs 5,500 per sq.ft (2024)
• Ayyasamy 2nd lane: Rs 5,500 per sq.ft (2024)
• Ayyasamy street*: Rs 5,500 per sq.ft (2024)
• Azis Street: Rs 3,800 per sq.ft (2024)
• Bakers lane: Rs 4,900 per sq.ft (2024)
• Bakers street (Broadway): Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ayyapa street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, bringing the total fees to Rs 6,39,000. 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 details.

Which Sub Registrar Office covers Ayyapa street?

The Sub Registrar Office that covers Ayyapa street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Muthialpet. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring transparency in the sale and purchase of real estate.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. This ensures that both parties are aware of the costs involved in the transaction, based on the officially recognized value of the property.

Frequently asked questions

What is the current guideline value of Ayyapa street?

The current guideline value of Ayyapa street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2007 to Rs 7,100 per sq.ft in 2024, reflecting an overall increase of 209% over the years.

What is the registration office for Ayyapa street?

The registration office for Ayyapa street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How is stamp duty calculated for properties on Ayyapa street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000 at a rate of 7%.

What are the other streets in Muthialpet with their guideline values?

Other streets in Muthialpet include Ayyasamy 1st lane and Ayyasamy 2nd lane, both at Rs 5,500 per sq.ft, and Bakers street (Broadway) at Rs 7,700 per sq.ft, among others.