Guideline Value for Joseph street (Francis street)

Joseph street (Francis street) guideline value

The current guideline value of Joseph street (Francis 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 Joseph street (Francis street) has changed

Since 2002, the guideline value of Joseph street (Francis street) has seen significant changes. The 2002 revision recorded a value of Rs 2,049 per sq.ft, which increased to Rs 2,329 per sq.ft in 2003, marking a 14% rise. By 2007, the value further increased to Rs 2,600 per sq.ft, a 12% change. The 2012 revision saw a substantial jump to Rs 7,000 per sq.ft, reflecting a 169% increase. However, in 2017, the value dropped to Rs 4,690 per sq.ft, a decrease of 33%. The 2023 revision brought the value back up to Rs 7,000 per sq.ft, and the latest 2024 revision has set it at Rs 7,700 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 276%. The register does not contain figures for the years between the listed revisions.

Guideline values in Muthialpet

In Muthialpet village, there are 160 streets under the Chennai North Joint I SRO that carry a guideline value for 2024, 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, indicating that Joseph street (Francis street) is above the median.

• Jones salai: Rs 4,900 per sq.ft (2024)
• Jones lane: Rs 4,900 per sq.ft (2024)
• Javer Street(Gopal Chetty Street): Rs 4,900 per sq.ft (2024)
• Jahangir street[2nd line Beech]: Rs 15,900 per sq.ft (2024)
• Jahangir lane*: Rs 15,900 per sq.ft (2024)
• Jaffer lane Masthan lane: Rs 4,900 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the guideline value totals Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

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

The Sub Registrar Office that covers Joseph street (Francis 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 details.

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

The guideline value plays a crucial role in the registration process of property transactions in Muthialpet. It is used to determine the stamp duty and registration fees that are applicable when buying or selling property in the area.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the region.

Frequently asked questions

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

The current guideline value of Joseph street (Francis 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 from Rs 2,049 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, reflecting an overall increase of 276% over this period.

What is the median guideline value in Muthialpet?

The median guideline value in Muthialpet is Rs 5,500 per sq.ft, with Joseph street (Francis street) being above this median.

What are the stamp duty rates for properties in Joseph street (Francis street)?

The stamp duty rate for properties in Joseph street (Francis street) is 7% of the guideline value or sale price, whichever is higher.

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

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