Guideline Value for Chinna Thambi Street

Chinna Thambi Street guideline value

The current guideline value of Chinna Thambi 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 Chinna Thambi Street has changed

The guideline value for Chinna Thambi Street has seen several revisions over the years. In 2003, the value was Rs 1,679 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007. The value then rose significantly to Rs 5,500 per sq.ft in 2012, before dropping to Rs 3,685 per sq.ft in 2017. The 2023 revision set the value at Rs 5,500 per sq.ft, and the most recent revision in 2024 has increased it to Rs 6,000 per sq.ft.

Notably, the changes between revisions show a rise of 49% from 2017 to 2023, and a further increase of 9% from 2023 to 2024. The overall increase from 2003 to 2024 is 257%. The register has no figure for Chinna Thambi Street for the year 2002.

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 guideline value in this village is Rs 4,400 per sq.ft, placing Chinna Thambi Street's current value above this median.

• Chinna Neikaran Street: Rs 4,400 per sq.ft (2024)
• China Bazar Road: Rs 13,000 per sq.ft (2024)
• Chandirappa Mudali Street: Rs 4,400 per sq.ft (2024)
• Davidson Street: Rs 6,000 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)

Stamp duty and registration fee for property in Chinna Thambi 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, bringing the total charges 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 our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chinna Thambi Street?

The Sub Registrar Office that covers Chinna Thambi 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 in the registration process of property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the guideline value, as it affects the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid legal complications during registration.

Frequently asked questions

What is the current guideline value of Chinna Thambi Street?

The current guideline value of Chinna Thambi 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 1,679 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, showing an overall increase of 257% over the years.

What is the registration fee for property in Chinna Thambi Street?

The registration fee for property in Chinna Thambi Street is calculated at 2% of the guideline value. For a 1,000 sq.ft plot, this amounts to Rs 1,20,000.

Which Sub Registrar Office covers Chinna Thambi Street?

The Sowcarpet Sub Registrar Office covers Chinna Thambi Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000.