Guideline Value for MUSTHURA BEGUM STREET (PETTAI)

Musthura Begum Street (Pettai) guideline value

The current guideline value of Musthura Begum Street (Pettai) is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village and falls under the Mylapore SRO, classified as Residential Class III Type - III.

How the guideline value of Musthura Begum Street (Pettai) has changed

The guideline value for Musthura Begum Street (Pettai) has seen several revisions over the years. In 2002, the value was Rs 917 per sq.ft, which increased to Rs 1,019 per sq.ft in 2003, marking a rise of 11%. The value then rose significantly to Rs 1,540 per sq.ft in 2007, reflecting a 51% increase. Following this, there was a substantial jump to Rs 8,000 per sq.ft in 2012, which represented a remarkable increase of 419%. However, the value decreased to Rs 5,360 per sq.ft in 2017, showing a decline of 33%. The guideline value then rose to Rs 8,000 per sq.ft in 2023, followed by a 10% increase to the current rate of Rs 8,800 per sq.ft in 2024.

Overall, from 2002 to 2024, the guideline value has increased by 860%. There are no revisions with figures missing for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which is the same as the current value for Musthura Begum Street (Pettai).

• Musthura Begum 2nd Street: Rs 8,800 per sq.ft (2024)
• Musuri Subramaniyam Road (Oliver Road): Rs 16,500 per sq.ft (2024)
• Murugappa Mudali Street: Rs 4,900 per sq.ft (2024)
• Munusamy Street: Rs 3,300 per sq.ft (2024)
• Munusamy Nagar: Rs 3,300 per sq.ft (2024)
• Mundakkanni Amman Koil Street: Rs 12,100 per sq.ft (2024)

Stamp duty and registration fee for property in Musthura Begum Street (Pettai)

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, making the total charges Rs 7,92,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Musthura Begum Street (Pettai)?

The Sub Registrar Office that covers Musthura Begum Street (Pettai) 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 is a crucial factor when registering property transactions in Mylapore. It serves as a benchmark for determining the stamp duty and registration fees that must be paid during the sale or purchase of property.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Musthura Begum Street (Pettai)?

The current guideline value of Musthura Begum Street (Pettai) is Rs 8,800 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 917 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, representing an overall increase of 860% over the years.

What is the stamp duty rate for properties in Musthura Begum Street (Pettai)?

The stamp duty rate for properties in Musthura Begum Street (Pettai) is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office located for Musthura Begum Street (Pettai)?

The Sub Registrar Office for Musthura Begum Street (Pettai) is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

What is the land classification for Musthura Begum Street (Pettai)?

Musthura Begum Street (Pettai) is classified as Residential Class III Type - III according to the guideline value register.