Guideline Value for MUTHIAH THOTTA STREET

Muthiah Thotta Street guideline value

The current guideline value of Muthiah Thotta Street is Rs 3,300 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 V Type - III.

How the guideline value of Muthiah Thotta Street has changed

The guideline value of Muthiah Thotta Street has undergone several revisions over the years. In 2002, the value was Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking an increase of 11%. The next significant jump occurred between 2003 and 2012, where the value rose dramatically to Rs 3,000 per sq.ft, reflecting a substantial increase of 341%. The value remained unchanged at Rs 3,000 per sq.ft from 2012 until the 2023 revision.

In 2023, the guideline value was updated to Rs 3,000 per sq.ft, and subsequently, in 2024, it increased by 10% to reach the current value of Rs 3,300 per sq.ft. It is important to note that there are no figures available for the years 2007 and 2017 for this street.

Guideline values in Mylapore

In Mylapore village, there are 883 streets registered under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft as of 2024. The median guideline value for these streets is Rs 8,800 per sq.ft, placing Muthiah Thotta Street's 2024 figure below this median.

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

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty, calculated at 7%, would amount to Rs 2,31,000, while the registration fee at 2% would be Rs 66,000. Therefore, the total cost for stamp duty and registration fee would be Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthiah Thotta Street?

The Sub Registrar Office that covers Muthiah Thotta 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 is a critical factor when registering property transactions in Mylapore. It serves as the basis for calculating stamp duty and registration fees, which are mandatory costs associated with property transfers.

When you buy or sell property, the guideline value ensures that the transaction is recorded at a fair value, reflecting the current market conditions as determined by the Registration Department. This helps maintain transparency and accountability in real estate transactions.

Frequently asked questions

What is the current guideline value of Muthiah Thotta Street?

The current guideline value of Muthiah Thotta Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, showing an overall increase of 439% over this period.

What is the stamp duty rate for properties in Muthiah Thotta Street?

The stamp duty rate for properties in Muthiah Thotta Street is 7%, calculated on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Muthiah Thotta Street?

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

What are the other streets in Mylapore with similar guideline values?

Other streets in Mylapore with similar guideline values include Muthiah Thottam 1st Street and Muthiah Thottam 2nd Street, both at Rs 3,300 per sq.ft as of 2024.