Guideline Value for Coral Merchant street

Coral Merchant street guideline value

The current guideline value of Coral Merchant street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this street is Residential Class I Type - II.

How the guideline value of Coral Merchant street has changed

The guideline value for Coral Merchant street has undergone several revisions over the years. In the 2002 revision, the guideline value was Rs 1,627 per sq.ft. This increased to Rs 1,849 per sq.ft in 2003, marking a change of +14%. The value continued to rise, reaching Rs 2,300 per sq.ft in 2007, which was an increase of +24%. The 2012 revision saw the value rise significantly to Rs 6,500 per sq.ft, reflecting a notable increase of +183% from the previous revision.

In 2017, the guideline value was set at Rs 4,355 per sq.ft, which represented a decrease of -33% from the 2012 revision. The value then increased to Rs 6,500 per sq.ft in 2023, and finally to Rs 7,100 per sq.ft in the 2024 revision, marking a change of +9%. Overall, from 2002 to 2024, the guideline value has increased by +336%.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value for these streets is Rs 5,500 per sq.ft, placing Coral Merchant street's 2024 figure above this median.

• Devaraja street: Rs 5,500 per sq.ft (2024)
• Devaraj lane: Rs 4,900 per sq.ft (2024)
• Chellamuthu street: Rs 4,900 per sq.ft (2024)
• Chellamuthu lane: Rs 4,900 per sq.ft (2024)
• Budhu street: Rs 5,500 per sq.ft (2024)
• Bookers lane+: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Coral Merchant street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total cost for these fees Rs 6,39,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Coral Merchant street?

The Sub Registrar Office that covers Coral Merchant street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a critical factor during the registration process of property transactions in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, it is essential to consider the guideline value as it impacts the overall transaction costs. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price, which can significantly affect the total expenses involved in the transaction.

Frequently asked questions

What is the current guideline value of Coral Merchant street?

The current guideline value of Coral Merchant street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,627 in 2002 to Rs 7,100 in 2024, reflecting an overall increase of +336% over this period.

What is the land classification for Coral Merchant street?

The land classification for Coral Merchant street is Residential Class I Type - II.

What are the other streets in Muthialpet and their guideline values?

Other streets in Muthialpet include Devaraja street at Rs 5,500 per sq.ft, Devaraj lane at Rs 4,900 per sq.ft, and Chellamuthu street at Rs 4,900 per sq.ft, among others.

Where is the Sub Registrar Office for Coral Merchant street located?

The Sub Registrar Office for Coral Merchant street is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.