Guideline Value for Chinna Neikaran Street

Chinna Neikaran Street guideline value

The current guideline value of Chinna Neikaran Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Class I Type - I.

How the guideline value of Chinna Neikaran Street has changed

The guideline value of Chinna Neikaran Street has seen several revisions over the years. In 2003, the value was Rs 883 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007. The 2012 revision saw a drop to Rs 4,000 per sq.ft, followed by a decrease to Rs 2,680 per sq.ft in 2017. The value then rose significantly to Rs 4,000 per sq.ft in 2023, before reaching the current rate of Rs 4,400 per sq.ft in 2024. Notably, the register has no figure for this street for the year 2002.

Between the revisions, there have been notable changes. From 2003 to 2007, the value increased by 36%, followed by a remarkable rise of 233% from 2007 to 2012. However, the value fell by 33% from 2012 to 2017, and then surged by 49% from 2017 to 2023. The most recent change, from 2023 to 2024, reflects a 10% increase. Overall, from 2003 to 2024, the guideline value has increased by 398%.

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 value for these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value of Chinna Neikaran Street.

• Chinna Thambi Street: Rs 6,000 per sq.ft (2024)
• China Bazar Road: Rs 13,000 per sq.ft (2024)
• Chandirappa Mudali Street: Rs 4,400 per sq.ft (2024)
• Bunder Street (Murugappan Street): Rs 8,800 per sq.ft (2024)
• Bunder Ramanaicken Model ‘A ’To ‘I ’: Rs 6,000 per sq.ft (2024)
• Bunder Ramanaicken Garden Broadway Part: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Chinna Neikaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be 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 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 assistance.

Which Sub Registrar Office covers Chinna Neikaran Street?

The Sub Registrar Office that covers Chinna Neikaran Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, 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 when buying or selling property in Muthiyalpet. It serves as the basis for calculating stamp duty and registration fees, which are mandatory during the registration process. Buyers and sellers must be aware of the guideline value to ensure compliance with legal requirements.

When a property is sold, the guideline value is compared with the sale price. The higher of the two figures is used to determine the stamp duty and registration fees payable. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Chinna Neikaran Street?

The current guideline value of Chinna Neikaran 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 significantly from Rs 883 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 398% over the years.

What is the stamp duty rate for properties in Chinna Neikaran Street?

The stamp duty rate for properties in Chinna Neikaran Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sowcarpet Sub Registrar Office located?

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

What are the other streets in Muthiyalpet with guideline values?

Other streets in Muthiyalpet include Chinna Thambi Street, China Bazar Road, Chandirappa Mudali Street, Bunder Street (Murugappan Street), Bunder Ramanaicken Model ‘A ’To ‘I ’, and Bunder Ramanaicken Garden Broadway Part, each with varying guideline values.