Guideline Value for Bommu Chetty Street

Bommu Chetty Street guideline value

The current guideline value of Bommu Chetty Street in Muthiyalpet village, under the Sowcarpet SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Bommu Chetty Street has changed

The guideline value for Bommu Chetty Street has seen several revisions over the years. In the 2007 revision, the value was set at Rs 1,200 per sq.ft. This increased significantly to Rs 4,000 per sq.ft in the 2012 revision, marking a 233% rise. However, in the 2017 revision, the value dropped to Rs 2,680 per sq.ft, which was a decrease of 33%. The 2023 revision saw a substantial increase to Rs 4,000 per sq.ft, and most recently, the 2024 revision raised it to Rs 4,400 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2007 to 2024, the guideline value has increased by 267%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

Muthiyalpet village has 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft as of 2024. The median guideline value for these streets is Rs 4,400 per sq.ft, which is the same as the current value for Bommu Chetty Street.

• Boosa Street: Rs 3,800 per sq.ft (2024)
• Braiyra Street: Rs 4,400 per sq.ft (2024)
• Bridge Rasa Road: Rs 6,000 per sq.ft (2024)
• Broadway: Rs 16,500 per sq.ft (2024)
• Budha Sahib Street: Rs 4,400 per sq.ft (2024)
• Bunder Ramanaicken Garden Broadway Part: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Bommu Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. 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 Bommu Chetty Street?

The Sub Registrar Office that covers Bommu Chetty 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 critical factor in the registration process when buying or selling property in Muthiyalpet. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property transactions.

When a property is registered, the guideline value serves as a benchmark for assessing the transaction value. Buyers and sellers must be aware of the guideline value to ensure compliance with the registration requirements and to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Bommu Chetty Street?

The current guideline value of Bommu Chetty Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 267% over the years.

What are the stamp duty and registration fees for properties on this street?

The stamp duty for a property valued at Rs 44,00,000 would be Rs 3,08,000, and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Which office handles property registrations for Bommu Chetty Street?

The Sowcarpet Sub Registrar Office handles property registrations for Bommu Chetty Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the land classification for Bommu Chetty Street?

Bommu Chetty Street falls under the Residential Class I Type - I land classification, which is important for determining the applicable guidelines and regulations for property transactions.