Guideline Value for MUTHU MARIAMMAN STREET

Muthu Mariamman Street guideline value

The current guideline value of Muthu Mariamman Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Palavakkam village under the Neelankarai SRO, classified as Residential Class IV Type - II.

How the guideline value of Muthu Mariamman Street has changed

The guideline value of Muthu Mariamman Street has seen several revisions over the years. In 2002, the guideline value was Rs 178 per sq.ft, which increased to Rs 199 per sq.ft in 2003, marking a 12% rise. The value then experienced a significant increase to Rs 1,308 per sq.ft in 2007, a jump of 557%. Following this, the value decreased to Rs 1,500 per sq.ft in 2012, reflecting a decline of 33%. The value remained unchanged until 2017 when it rose to Rs 1,005 per sq.ft, a 49% increase. The most recent revision in 2023 set the value at Rs 1,500 per sq.ft, which increased to Rs 1,700 per sq.ft in 2024, a change of 13%.

There are no figures available for the revisions in 2012 and 2017 for this street in the register.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO, with 2024 guideline values ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,300 per sq.ft, placing Muthu Mariamman Street's 2024 figure below that median.

• Naidu Garden: Rs 3,900 per sq.ft (2024)
• Murasolimaran Street: Rs 3,300 per sq.ft (2024)
• Narayana Sami Street: Rs 2,200 per sq.ft (2024)
• Narayanasamy 1st Street: Rs 2,200 per sq.ft (2024)
• Mosque Street: Rs 2,800 per sq.ft (2024)
• M.G.R. Road 6th Cross Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Mariamman Street

For a 1,000 sq.ft plot at the current rate of Rs 1,700 per sq.ft, the guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total to Rs 1,53,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthu Mariamman Street?

The Sub Registrar Office that covers Muthu Mariamman Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Palavakkam. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair price as per the government's valuation.

When you register a property, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the revenue collected reflects the actual market conditions and property values in the area.

Frequently asked questions

What is the current guideline value of Muthu Mariamman Street?

The current guideline value of Muthu Mariamman Street is Rs 1,700 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 178 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, reflecting an overall increase of 855% over the years.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 1,700 per sq.ft, the stamp duty would be Rs 1,19,000 and the registration fee would be Rs 34,000 for a 1,000 sq.ft plot, totaling Rs 1,53,000.

Which Sub Registrar Office handles registrations for Muthu Mariamman Street?

The Neelankarai Sub Registrar Office handles registrations for Muthu Mariamman Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the median guideline value for streets in Palavakkam?

The median guideline value for streets in Palavakkam is Rs 3,300 per sq.ft, which is higher than the current guideline value of Muthu Mariamman Street.