Guideline Value for Ibrahim Salai

Ibrahim Salai guideline value

The current guideline value of Ibrahim Salai, located in Muthialpet village under the Chennai North Joint I SRO, is Rs 11,000 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Special Type - I.

How the guideline value of Ibrahim Salai has changed

The guideline value for Ibrahim Salai has undergone several revisions over the years. In 2007, the value was Rs 1,500 per sq.ft, which increased significantly to Rs 10,000 per sq.ft in 2012. However, in 2017, the value dropped to Rs 6,700 per sq.ft, before rising again to Rs 10,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 11,000 per sq.ft. The register has no figures for the years 2002 and 2003 for this street.

From 2012 to 2017, there was a decrease of 33%, while the value increased by 567% from 2007 to 2012. The jump from 2017 to 2023 saw an increase of 49%, and the latest revision from 2023 to 2024 reflects a 10% rise. Overall, from 2007 to 2024, the guideline value has increased by 633%.

Guideline values in Muthialpet

Muthialpet village features 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, placing Ibrahim Salai's 2024 figure above this median.

• Ibrahim Salai 1st lane: Rs 5,500 per sq.ft (2024)
• Ibrahim Salai 2nd lane: Rs 4,900 per sq.ft (2024)
• Husain marakayar street: Rs 7,100 per sq.ft (2024)
• Grimini street: Rs 3,800 per sq.ft (2024)
• Granary street: Rs 7,100 per sq.ft (2024)
• Jaffar Sarang lane: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Ibrahim Salai

For a 1,000 sq.ft plot at the current guideline value of Rs 11,000 per sq.ft, the total guideline value would be Rs 1,10,00,000. The stamp duty at 7% would amount to Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, bringing the total cost for these fees to Rs 9,90,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Ibrahim Salai?

The Sub Registrar Office that covers Ibrahim Salai 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 plays a crucial role in the registration process when buying or selling property in Muthialpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a buyer and seller agree on a sale price, the guideline value is checked, and the higher of the two is used to calculate the applicable stamp duty and registration fees. This process helps maintain transparency and accountability in property transactions.

Frequently asked questions

What is the current guideline value of Ibrahim Salai?

The current guideline value of Ibrahim Salai is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen significant changes, increasing from Rs 1,500 per sq.ft in 2007 to Rs 11,000 per sq.ft in 2024, marking an overall increase of 633% since 2007.

What is the median guideline value in Muthialpet?

The median guideline value in Muthialpet is Rs 5,500 per sq.ft, with Ibrahim Salai's current value being above this median.

What are the stamp duty and registration fees for buying property?

For a property valued at Rs 1,10,00,000, the stamp duty would be Rs 7,70,000 and the registration fee would be Rs 2,20,000, totaling Rs 9,90,000.

Where can I find the Sub Registrar Office for Ibrahim Salai?

The Sub Registrar Office for Ibrahim Salai is located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. You can find more information online.