Guideline Value for Francis street (Joseph street)

Francis street (Joseph street) guideline value

The current guideline value of Francis street (Joseph street) is Rs 7,700 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 area is Residential Class I Type - I.

How the guideline value of Francis street (Joseph street) has changed

The guideline value for Francis street (Joseph street) has seen several revisions over the years. The 2024 revision set the value at Rs 7,700 per sq.ft, which is an increase from Rs 7,000 per sq.ft in the 2023 revision, marking a change of +10%. Prior to that, the 2017 revision recorded a value of Rs 4,690 per sq.ft, which means there was a significant increase of +49% from 2017 to 2023. The 2012 revision had the value at Rs 7,000 per sq.ft, reflecting a decrease of -33% from the previous 2017 figure. The 2007 revision was at Rs 2,600 per sq.ft, showing a substantial increase of +169% to the 2012 figure. The 2003 revision recorded Rs 2,329 per sq.ft, which was an increase of +12% from Rs 2,049 per sq.ft in the 2002 revision. Overall, from 2002 to 2024, the guideline value has increased by +276%. The register has no figure for the years not mentioned.

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, with a median value of Rs 5,500 per sq.ft. The guideline value for Francis street (Joseph street) is above this median.

• Ethka Mosque street @Kuskan street: Rs 4,900 per sq.ft (2024)
• Ethka Mosque lane: Rs 4,900 per sq.ft (2024)
• Errabalu street: Rs 16,500 per sq.ft (2024)
• Geels lane: Rs 4,900 per sq.ft (2024)
• Geels street: Rs 7,700 per sq.ft (2024)
• Girims street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Francis street (Joseph street)

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total charges to Rs 6,93,000. 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 further calculations.

Which Sub Registrar Office covers Francis street (Joseph street)?

The Sub Registrar Office that covers Francis street (Joseph street) is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned 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 crucial factor in the registration of property transactions in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value during the sale process to ensure compliance with local regulations.

When a property is sold, the guideline value helps in calculating the stamp duty and registration fees, which are mandatory costs associated with the transaction. It is essential for both parties to be aware of the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Francis street (Joseph street)?

The current guideline value of Francis street (Joseph street) is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, with the most recent revision in 2024 showing an increase from Rs 7,000 per sq.ft in 2023. The overall change from 2002 to 2024 is an increase of +276%.

Where can I find the Sub Registrar Office for Francis street (Joseph street)?

The Sub Registrar Office for Francis street (Joseph street) is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How is the stamp duty calculated for properties on Francis street (Joseph street)?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 77,00,000, the stamp duty at 7% would be Rs 5,39,000.

What is the land classification for Francis street (Joseph street)?

The land classification for Francis street (Joseph street) is Residential Class I Type - I, indicating its designation for residential use.