Guideline Value for Baksar Street

Baksar Street guideline value

The current guideline value of Baksar Street in Muthiyalpet village is Rs 8,800 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sowcarpet Sub Registrar Office and is classified as Commercial Class I Type - II.

How the guideline value of Baksar Street has changed

The guideline value for Baksar Street has seen several revisions over the years. In 2003, the value was Rs 2,405 per sq.ft, which increased to Rs 3,000 per sq.ft in 2007. Following that, the value surged to Rs 8,000 per sq.ft in 2012, before dropping to Rs 5,360 per sq.ft in 2017. The 2023 revision set the value at Rs 8,000 per sq.ft, and the latest revision in 2024 has raised it to Rs 8,800 per sq.ft.

Notably, the changes between revisions are significant. From 2003 to 2007, the value increased by 25%, and from 2007 to 2012, it saw a remarkable rise of 167%. However, there was a decrease of 33% from 2012 to 2017. In the most recent revisions, the value increased by 49% from 2017 to 2023, and then by 10% from 2023 to 2024. Overall, the guideline value has increased by 266% from 2003 to 2024.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making Baksar Street's 2024 guideline value of Rs 8,800 per sq.ft notably above the median.

• Bajanai Koil Street: Rs 4,400 per sq.ft (2024)
• Bajanai Koil Lane: Rs 6,600 per sq.ft (2024)
• Baganathan Lane: Rs 3,800 per sq.ft (2024)
• Badri Veerasamy Street: Rs 4,400 per sq.ft (2024)
• Badrian Street: Rs 8,800 per sq.ft (2024)
• Ayya Pillai Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Baksar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total to Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Baksar Street?

Baksar Street is covered by the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, within the Chennai registration zone. 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 property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the guideline value, as it affects the overall cost of property transactions. The registration office will use this value to ensure that the property is registered at a fair rate, reflecting its market standing.

Frequently asked questions

What is the current guideline value of Baksar Street?

The current guideline value of Baksar Street is Rs 8,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,405 per sq.ft in 2003 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 266% over this period.

What is the land classification for Baksar Street?

Baksar Street is classified as Commercial Class I Type - II, which indicates its suitability for commercial activities.

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Muthiyalpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 at a rate of 7%.