Guideline Value for MUTHIAH STREET

Muthiah Street guideline value

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

How the guideline value of Muthiah Street has changed

The guideline value of Muthiah Street has undergone several revisions over the years. The earliest recorded revision was in 2002, with a guideline value of Rs 612 per sq.ft. This increased to Rs 680 per sq.ft in 2003, representing a rise of 11%. The next significant jump occurred in 2012, where the value remained at Rs 8,000 per sq.ft, marking an increase of 1076% from the 2003 figure. However, there were no recorded figures for the years 2007 and 2017.

In the 2023 revision, the guideline value was set at Rs 8,000 per sq.ft, which did not change from the 2012 revision. The most recent revision in 2024 has seen the guideline value increase to Rs 8,800 per sq.ft, reflecting a 10% rise from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1338%.

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 guideline value for these streets is Rs 8,800 per sq.ft, which is equal to the current guideline value of Muthiah Street.

• Muthiah Thottam 1st Street: Rs 3,300 per sq.ft (2024)
• Muthiah Thottam 2nd Street: Rs 3,300 per sq.ft (2024)
• Muthiah Thotta Street: Rs 3,300 per sq.ft (2024)
• Muthiah Mudali Street: Rs 8,800 per sq.ft (2024)
• Muthu Kiramani Street: Rs 8,800 per sq.ft (2024)
• Muthu Krishna Mudali Street: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Muthiah Street

For a property measuring 1,000 sq.ft 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, charged at 7%, would be Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. The total cost for these fees would be Rs 7,92,000. It is important to note that the 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 Muthiah Street?

The Sub Registrar Office that covers Muthiah 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 details.

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

The guideline value plays a crucial role during the registration process of property transactions in Mylapore. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When purchasing property, buyers should be aware that the guideline value will be considered during registration, and they will need to pay stamp duty based on this value or the sale price, whichever is higher. This ensures transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Muthiah Street?

The current guideline value of Muthiah Street 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 seen significant changes, from Rs 612 per sq.ft in 2002 to Rs 8,800 per sq.ft in 2024, representing an overall increase of 1338%.

What is the land classification of Muthiah Street?

Muthiah Street is classified as Residential Class III Type - III, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties on Muthiah Street?

The stamp duty is 7% and the registration fee is 2% of the guideline value. For a property valued at Rs 88,00,000, the total fees would be Rs 7,92,000.

Which Sub Registrar Office covers Muthiah Street?

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