Guideline Value for Basin Street

Basin Street guideline value

The current guideline value of Basin Street in Muthiyalpet village is Rs 6,000 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 - I.

How the guideline value of Basin Street has changed

The guideline value of Basin Street has seen several revisions over the years. The earliest recorded revision was in 2003, where the value was Rs 1,328 per sq.ft. This increased to Rs 2,000 per sq.ft in 2007, marking a significant rise of 51%. The next revision in 2012 saw the value increase to Rs 5,500 per sq.ft, a remarkable jump of 175%. However, in 2017, the value decreased to Rs 3,685 per sq.ft, reflecting a decline of 33%. The guideline value then rose again to Rs 5,500 per sq.ft in 2023, and finally reached Rs 6,000 per sq.ft in 2024, which is a 9% increase from the previous year. It is important to note that the register has no figure for this street in 2002.

Overall, from 2003 to 2024, the guideline value has increased by 352%. The revisions show a fluctuating trend, with significant increases in certain periods and a decrease noted in 2017.

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, which means Basin Street's 2024 figure is above that median.

• Basin Water Works Street: Rs 6,000 per sq.ft (2024)
• Basin Bridge Road: Rs 6,000 per sq.ft (2024)
• Bashiyakkara Naidu Street: Rs 5,500 per sq.ft (2024)
• Barracks Road (Anjaneyar Koil Street): Rs 4,900 per sq.ft (2024)
• Barracks 2nd Lane: Rs 4,900 per sq.ft (2024)
• Barracks 1st Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Basin Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, making the total cost for these fees Rs 5,40,000. It is important to note that the 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 further calculations.

Which Sub Registrar Office covers Basin Street?

The Sub Registrar Office that covers Basin Street 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 of property transactions in Muthiyalpet. When a property is bought or sold, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This helps in ensuring that the transaction is recorded at a fair value as per the government regulations.

It is essential for buyers and sellers to be aware of the current guideline value to avoid any discrepancies during the registration process. The guideline value is periodically revised, and staying updated with these changes can assist in making informed decisions during property transactions.

Frequently asked questions

What is the current guideline value of Basin Street?

The current guideline value of Basin Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 1,328 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 352% over this period.

What is the land classification of Basin Street?

Basin Street is classified as Residential Special Type - I under the current guidelines.

Where can I find the Sub Registrar Office for Basin Street?

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

How is stamp duty calculated for properties in Basin Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft property at the current guideline value incurs a total fee of Rs 5,40,000 for stamp duty and registration.