Guideline Value for MARI CHETTY STREET

Mari Chetty Street guideline value

The current guideline value of Mari Chetty Street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO. The land classification for this area is Residential Class IV Type - III.

How the guideline value of Mari Chetty Street has changed

The guideline value of Mari Chetty Street has seen significant changes over the years. In the 2002 revision, the value was Rs 1,188 per sq.ft, which increased to Rs 1,320 per sq.ft in 2003, marking an 11% rise. The value further climbed to Rs 1,540 per sq.ft in 2007, reflecting a 17% increase. By 2012, the guideline value remained at Rs 6,500 per sq.ft, showing no change from the previous revision. The 2023 revision also recorded Rs 6,500 per sq.ft, maintaining the same figure as 2012.

However, in the 2024 revision, the guideline value surged to Rs 7,100 per sq.ft, representing a 9% increase from the previous year. Overall, from 2002 to 2024, there has been a remarkable increase of 498% in the guideline value for Mari Chetty Street.

Guideline values in Mylapore

Mylapore village has a total of 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value for these streets is Rs 8,800 per sq.ft, placing Mari Chetty Street's 2024 figure below that median.

• Mannkollai: Rs 7,700 per sq.ft (2024)
• Marvadi Thottam: Rs 6,000 per sq.ft (2024)
• Masilamani Colony Street: Rs 8,800 per sq.ft (2024)
• Masilamani Mudali Street: Rs 8,800 per sq.ft (2024)
• Mathala Narayanan Lane: Rs 9,300 per sq.ft (2024)
• Mathala Narayanan Street: Rs 11,500 per sq.ft (2024)

Stamp duty and registration fee for property in Mari Chetty Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty, calculated at 7%, would be Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000. Together, the total cost for these fees would be Rs 6,39,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mari Chetty Street?

The Sub Registrar Office that covers Mari Chetty Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore. It serves as a benchmark for determining the minimum value at which a property can be registered. This ensures that the transaction is recorded at a value that reflects the market conditions as assessed by the government.

When a property is sold, the buyer must pay stamp duty and registration fees based on the guideline value or the sale price, whichever is higher. This means that understanding the guideline value is essential for both buyers and sellers to accurately calculate the costs involved in the transaction.

Frequently asked questions

What is the current guideline value of Mari Chetty Street?

The current guideline value of Mari Chetty Street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,188 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, which is a total increase of 498% over the years.

What is the land classification for Mari Chetty Street?

Mari Chetty Street is classified as Residential Class IV Type - III, which indicates its intended use for residential purposes.

Where can I find the Mylapore Sub Registrar Office?

The Mylapore Sub Registrar Office is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai - 600018.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2%. For example, a 1,000 sq.ft plot at the current rate would incur a total fee of Rs 6,39,000.