Guideline Value for Kalathi Pillai Street

Kalathi Pillai Street guideline value

The current guideline value of Kalathi Pillai Street is Rs 4,900 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, and it falls under the Residential Special Type - III land classification.

How the guideline value of Kalathi Pillai Street has changed

The guideline value for Kalathi Pillai Street has undergone several revisions over the years. The earliest recorded figure is from 2003, where the guideline value was Rs 982 per sq.ft. This increased to Rs 1,600 per sq.ft in 2007, marking a significant rise of 63%. In 2012, the value rose again to Rs 4,500 per sq.ft, reflecting an increase of 181%. However, this was followed by a decrease to Rs 3,015 per sq.ft in 2017, which represented a decline of 33%. The value then saw a substantial increase to Rs 4,500 per sq.ft in 2023, a rise of 49%, before reaching the current value of Rs 4,900 per sq.ft in 2024, which is a 9% increase from the previous year.

The register has no figure for the year 2002 for this street. Overall, from 2003 to 2024, the guideline value has increased by 399%.

Guideline values in Muthiyalpet

Within 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. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Kalathi Pillai Street's current value above this median.

• Kalappa Achari Street: Rs 4,400 per sq.ft (2024)
• Jintha Sahib Street: Rs 4,400 per sq.ft (2024)
• Kancheepuram Sabapathi Mudali Street: Rs 4,900 per sq.ft (2024)
• Kanda Murthy Ayappan Street: Rs 4,900 per sq.ft (2024)
• Kandappa Chetty Street: Rs 6,000 per sq.ft (2024)
• Kandappa Mudali Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Kalathi Pillai Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, and the registration fee at 2% would be Rs 98,000. Together, the total cost for duties would be Rs 4,41,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Kalathi Pillai Street?

The Sub Registrar Office that covers Kalathi Pillai Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone. 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 property transactions in Muthiyalpet. It serves as the baseline for calculating stamp duty and registration fees during the registration process. Buyers and sellers must consider the guideline value to ensure compliance with legal requirements and to understand the financial implications of their property transactions.

When a property is sold, the guideline value helps determine the official value of the property for taxation purposes. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values for different streets and areas.

Frequently asked questions

What is the current guideline value of Kalathi Pillai Street?

The current guideline value of Kalathi Pillai Street is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value for Kalathi Pillai Street has changed from Rs 982 per sq.ft in 2003 to Rs 4,900 per sq.ft in 2024, reflecting an overall increase of 399% over this period.

What is the land classification for Kalathi Pillai Street?

Kalathi Pillai Street is classified as Residential Special Type - III under the current guidelines.

Where is the Sowcarpet Sub Registrar Office located?

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

How is stamp duty calculated for properties in Kalathi Pillai Street?

Stamp duty for properties in Kalathi Pillai Street is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 49,00,000, the stamp duty would be Rs 3,43,000 at 7%.