Guideline Value for Godown Street

Godown Street guideline value

The current guideline value of Godown Street in Muthiyalpet village is Rs 8,800 per sq.ft, effective from 1 July 2024. This street falls under the jurisdiction of the Sowcarpet Sub Registrar Office and is classified as Commercial Class I Type - II.

How the guideline value of Godown Street has changed

The guideline value for Godown Street has seen significant changes over the years. In the 2003 revision, the value was Rs 2,650 per sq.ft. This increased to Rs 3,000 per sq.ft in 2007, marking a 13% rise. The value then surged to Rs 8,000 per sq.ft in 2012, reflecting a substantial increase of 167%. However, in 2017, it dropped to Rs 5,360 per sq.ft, a decrease of 33%. The value rose again to Rs 8,000 per sq.ft in 2023, and currently stands at Rs 8,800 per sq.ft from the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 232%. It is important to note that there is no figure available for Godown Street in the 2002 revision.

Guideline values in Muthiyalpet

Muthiyalpet 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 for these streets is Rs 4,400 per sq.ft, placing Godown Street's 2024 figure above this median.

• Girikori Street: Rs 4,900 per sq.ft (2024)
• G.H. Road: Rs 6,000 per sq.ft (2024)
• George Chappel Street: Rs 4,900 per sq.ft (2024)
• Genguraman Street: Rs 4,400 per sq.ft (2024)
• General Muthiah Mudali Street: Rs 4,400 per sq.ft (2024)
• Govindappa Naicken Street Segment-1 (NSC - Annapillai Street): Rs 13,000 per sq.ft (2024)

Stamp duty and registration fee for property in Godown Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, bringing the total cost for these fees to Rs 7,92,000. 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 detailed calculations.

Which Sub Registrar Office covers Godown Street?

The Sub Registrar Office that covers Godown 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 plays a crucial role during property registration in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations.

When a property is sold, the guideline value is used to calculate the stamp duty and registration fees. This ensures that all transactions are recorded accurately and that the appropriate taxes are paid to the government.

Frequently asked questions

What is the current guideline value of Godown Street?

The current guideline value of Godown Street is Rs 8,800 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 2,650 per sq.ft in 2003 to Rs 8,800 per sq.ft in 2024, representing an overall increase of 232% over the years.

What is the land classification of Godown Street?

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

Where is the Sowcarpet Sub Registrar Office located?

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

How is stamp duty calculated for properties in Godown Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current rate, the stamp duty would be Rs 6,16,000.