Guideline Value for Lingi Chetty Street (Mookar Nallamuthu Street to Post Office Street Junction)

Lingi Chetty Street (Mookar Nallamuthu Street to Post Office Street Junction) guideline value

The current guideline value of Lingi Chetty Street (Mookar Nallamuthu Street to Post Office Street Junction) is Rs 15,900 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO, classified as Commercial Class I Type - II.

How the guideline value of Lingi Chetty Street (Mookar Nallamuthu Street to Post Office Street Junction) has changed

Over the years, the guideline value for Lingi Chetty Street has seen significant changes. The 2007 revision recorded a guideline value of Rs 5,500 per sq.ft. This increased to Rs 14,500 per sq.ft in 2012, marking a substantial rise of 164%. However, it then decreased to Rs 9,715 per sq.ft in 2017, which was a decline of 33%. The value continued to climb, reaching Rs 14,500 per sq.ft in 2023, before hitting the current rate of Rs 15,900 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 189%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

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. The median guideline value for these streets is Rs 5,500 per sq.ft, placing Lingi Chetty Street's 2024 value above this median.

• Linghi Chetty street [from P.O.street Junction to Mannady street Junction]: Rs 14,800 per sq.ft (2024)
• Linghi Chetty Street [from N.S.C Bose Rd to Mookar Nallamuthu Street Junction]: Rs 15,900 per sq.ft (2024)
• Linghi Chetty street [from Mannady street Junction to Ibrahim sahib st Junction]: Rs 8,800 per sq.ft (2024)
• Madras harbor+: Rs 7,100 per sq.ft (2024)
• Maglene street: Rs 4,900 per sq.ft (2024)
• Malayappan street: Rs 14,800 per sq.ft (2024)

Stamp duty and registration fee for property in Lingi Chetty Street (Mookar Nallamuthu Street to Post Office Street Junction)

For a 1,000 sq.ft plot at the current guideline value of Rs 15,900 per sq.ft, the total guideline value amounts to Rs 1,59,00,000. The stamp duty at 7% would be Rs 11,13,000, while the registration fee at 2% would be Rs 3,18,000. Together, the total cost for these fees would be Rs 14,31,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Lingi Chetty Street (Mookar Nallamuthu Street to Post Office Street Junction)?

The Sub Registrar Office that covers Lingi Chetty 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 information.

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

The guideline value is a critical factor when registering a property in Muthialpet. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When buying or selling property, the guideline value helps determine the minimum value at which the property can be registered. This ensures transparency in transactions and helps the government assess the appropriate taxes due on property sales.

Frequently asked questions

What is the current guideline value of Lingi Chetty Street?

The current guideline value of Lingi Chetty Street (Mookar Nallamuthu Street to Post Office Street Junction) is Rs 15,900 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 5,500 per sq.ft in 2007 to Rs 15,900 per sq.ft in 2024, reflecting an overall increase of 189% over this period.

What is the land classification of Lingi Chetty Street?

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

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Lingi Chetty Street is located at NSC Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For instance, for a property valued at Rs 1,59,00,000, the stamp duty would be Rs 11,13,000 at a rate of 7%.