Guideline Value for Erusappa Maistry Street

Erusappa Maistry Street guideline value

The current guideline value of Erusappa Maistry Street is Rs 13,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Commercial Class I Type - I.

How the guideline value of Erusappa Maistry Street has changed

The guideline value for Erusappa Maistry Street has undergone several revisions over the years. The 2007 revision set the value at Rs 5,500 per sq.ft, which increased significantly to Rs 12,000 per sq.ft in the 2012 revision. However, there was a decrease to Rs 8,040 per sq.ft in the 2017 revision. This was followed by a substantial increase to Rs 12,000 per sq.ft in the 2023 revision, and finally, the current value is Rs 13,000 per sq.ft as per the 2024 revision.

From the 2017 revision to the 2023 revision, the value increased by 49%, and from 2023 to 2024, it rose by 8%. The overall increase from the 2007 revision to the 2024 revision is 136%. The register has no figures for the years 2002 and 2003 for this street.

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, with a median value of Rs 4,400 per sq.ft. Erusappa Maistry Street's 2024 figure is above this median.

• Erusappa Lane: Rs 4,900 per sq.ft (2024)
• Erulappan Street: Rs 4,900 per sq.ft (2024)
• Esplanade Road: Rs 13,000 per sq.ft (2024)
• Evening Bazar Road: Rs 13,000 per sq.ft (2024)
• Elephant Gate Street: Rs 6,000 per sq.ft (2024)
• Ela Kandappan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Erusappa Maistry Street

For a 1,000 sq.ft plot at the current rate of Rs 13,000 per sq.ft, the guideline value amounts to Rs 1,30,00,000. The stamp duty at 7% would be Rs 9,10,000, and the registration fee at 2% would be Rs 2,60,000, totaling Rs 11,70,000. 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 Erusappa Maistry Street?

The Sub Registrar Office that covers Erusappa Maistry 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 crucial factor in the registration process when buying or selling property. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

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

Frequently asked questions

What is the current guideline value of Erusappa Maistry Street?

The current guideline value of Erusappa Maistry Street is Rs 13,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 5,500 per sq.ft in 2007 to Rs 13,000 per sq.ft in 2024, reflecting an overall increase of 136% over the years.

What is the land classification for Erusappa Maistry Street?

Erusappa Maistry Street is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

What is the registration office for Erusappa Maistry Street?

The registration office for Erusappa Maistry Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Muthiyalpet?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for registration fees.