Guideline Value for Broadway

Broadway guideline value

The current guideline value of Broadway, located in Muthiyalpet village, is Rs 16,500 per sq.ft as per the 2024 revision, effective from 1 July 2024. This area falls under the jurisdiction of the Sowcarpet Sub Registrar Office, with a land classification of Commercial Special Type - I.

How the guideline value of Broadway has changed

The guideline value of Broadway has seen significant changes over the years. The earliest recorded figure is from 2003, where it was Rs 3,732 per sq.ft. This figure increased to Rs 5,500 per sq.ft in 2007, marking a rise of 47%. The value then surged to Rs 15,000 per sq.ft in 2012, reflecting a remarkable increase of 173%. However, it dropped to Rs 10,050 per sq.ft in 2017, a decrease of 33%. The value then rose again to Rs 15,000 per sq.ft in 2023, and most recently to Rs 16,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 342%. It is important to note that the register has no figure for Broadway in 2002.

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, placing Broadway's 2024 figure above that median.

• Budha Sahib Street: Rs 4,400 per sq.ft (2024)
• Bunder Ramanaicken Garden Broadway Part: Rs 4,400 per sq.ft (2024)
• Bunder Ramanaicken Model ‘A’ To ‘I’: Rs 6,000 per sq.ft (2024)
• Bunder Street (Murugappan Street): Rs 8,800 per sq.ft (2024)
• Bridge Rasa Road: Rs 6,000 per sq.ft (2024)
• Braiyra Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Broadway

For a 1,000 sq.ft plot at the current guideline value of Rs 16,500 per sq.ft, the total guideline value amounts to Rs 1,65,00,000. The stamp duty at 7% would be Rs 11,55,000, and the registration fee at 2% would be Rs 3,30,000, bringing the total fees to Rs 14,85,000. It is important to note that 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 Broadway?

The Broadway area is covered by the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions, as it determines the minimum value at which a property can be registered. When buying or selling property in Muthiyalpet, the guideline value is used to calculate the stamp duty and registration fees, ensuring that these costs are based on a standardized valuation.

At the time of registration, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This ensures that all property transactions are conducted fairly and transparently within the legal framework.

Frequently asked questions

What is the current guideline value of Broadway?

The current guideline value of Broadway is Rs 16,500 per sq.ft as per the 2024 revision, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 3,732 per sq.ft in 2003 to Rs 16,500 per sq.ft in 2024, showing an overall increase of 342% over this period.

What is the land classification of Broadway?

Broadway is classified as Commercial Special Type - I, which indicates its suitability for commercial activities.

What are the stamp duty and registration fees for property in Broadway?

For a property valued at Rs 1,65,00,000, the stamp duty would be Rs 11,55,000 and the registration fee would be Rs 3,30,000, totaling Rs 14,85,000.

Where can I find the Sub Registrar Office for Broadway?

The Sowcarpet Sub Registrar Office, which covers Broadway, is located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can also find your specific SRO through the provided link.