Guideline Value for MUTHU NAICKEN STREET

Muthu Naicken Street guideline value

The current guideline value of Muthu Naicken Street is Rs 6,500 per sq.ft, effective from 1 July 2024. This street is located in Purasaivakkam village, under the Purasaivakkam SRO. The land classification for this area is Residential Class II Type - II.

How the guideline value of Muthu Naicken Street has changed

The guideline value for Muthu Naicken Street has undergone several revisions over the years. In 2007, the guideline value was Rs 1,800 per sq.ft. This increased significantly to Rs 6,000 per sq.ft in 2012, marking a rise of 233%. However, from 2012 to 2017, the value decreased to Rs 4,020 per sq.ft, a drop of 33%. The value then saw a substantial increase to Rs 6,000 per sq.ft in 2023, which was a 49% rise. The latest revision in 2024 set the guideline value at Rs 6,500 per sq.ft, reflecting an 8% increase from the previous year.

The register does not have figures for the years 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 261%.

Guideline values in Purasaivakkam

In Purasaivakkam, there are 519 streets under the Purasaivakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 18,100 per sq.ft. The median value is Rs 5,500 per sq.ft, placing Muthu Naicken Street's 2024 figure above this median.

• Muthu Mudali Street: Rs 6,500 per sq.ft (2024)
• Muthu Gramani Street: Rs 6,500 per sq.ft (2024)
• Muthiyalu Naicken Street: Rs 6,500 per sq.ft (2024)
• Muthiyalu Chetty Street: Rs 6,500 per sq.ft (2024)
• Naina Mohhamed Rowther Street: Rs 4,900 per sq.ft (2024)
• Nainiappa Naicken Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,500 per sq.ft, the total guideline value amounts to Rs 65,00,000. The stamp duty at 7% would be Rs 4,55,000, and the registration fee at 2% would be Rs 1,30,000, totaling Rs 5,85,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthu Naicken Street?

The Sub Registrar Office covering Muthu Naicken Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Purasaivakkam. It is used to determine the stamp duty and registration fees applicable to the transaction, ensuring that the correct amounts are paid to the government.

When a property is sold, the guideline value helps establish a baseline for the transaction price, which can influence negotiations between buyers and sellers. It is essential for both parties to be aware of the current guideline value to facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Muthu Naicken Street?

The current guideline value of Muthu Naicken Street is Rs 6,500 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 1,800 per sq.ft in 2007 to Rs 6,500 per sq.ft in 2024, reflecting an overall increase of 261% over the years.

What is the land classification for Muthu Naicken Street?

The land classification for Muthu Naicken Street is Residential Class II Type - II, indicating its suitability for residential development.

Where is the Sub Registrar Office for Muthu Naicken Street located?

The Sub Registrar Office for Muthu Naicken Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

How are stamp duty and registration fees calculated for properties on Muthu Naicken Street?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot at the current guideline value results in a total stamp duty and registration fee of Rs 5,85,000.