Guideline Value for Basin Water Works Street

Basin Water Works Street guideline value

The current guideline value of Basin Water Works Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Special Type - I.

How the guideline value of Basin Water Works Street has changed

The guideline value for Basin Water Works Street has undergone several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a rise of 175%. However, it saw a decrease of 33% to Rs 3,685 per sq.ft in 2017. The value then surged to Rs 5,500 per sq.ft in 2023, before reaching the current rate of Rs 6,000 per sq.ft in 2024, reflecting a 9% increase.

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 200%.

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, with a median value of Rs 4,400 per sq.ft. Basin Water Works Street's guideline value is above this median.

• Basin 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 Water Works Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost for these fees to Rs 5,40,000. 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 detailed calculations.

Which Sub Registrar Office covers Basin Water Works Street?

The Sub Registrar Office that covers Basin Water Works 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 is a crucial factor in property transactions in Muthiyalpet, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with registration requirements.

During the registration process, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that all transactions are documented accurately and that the government receives the necessary taxes from property sales.

Frequently asked questions

What is the current guideline value of Basin Water Works Street?

The current guideline value of Basin Water Works 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 from Rs 2,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting a significant increase of 200% over this period.

What are the other streets with similar guideline values in Muthiyalpet?

Other streets in Muthiyalpet with similar guideline values include Basin Street and Basin Bridge Road, both at Rs 6,000 per sq.ft as of 2024.

What fees are associated with buying property on Basin Water Works Street?

When buying property on Basin Water Works Street, buyers should expect to pay a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

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

The Sub Registrar Office for Basin Water Works Street is located at No.11, Davidson Street, Sowcarpet, Chennai-01. This office handles all registrations for properties in the area.