Guideline Value for MUTHU STREET

Muthu Street guideline value

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

How the guideline value of Muthu Street has changed

The guideline value for Muthu Street has seen several revisions over the years. The 2012 revision set the value at Rs 8,000 per sq.ft, which was then reduced to Rs 5,360 per sq.ft in the 2017 revision. This marked a decrease of 33%. However, the value rebounded significantly in the following revisions, rising to Rs 8,000 per sq.ft in 2023, and then to Rs 8,800 per sq.ft in 2024, reflecting a 10% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a substantial increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

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 is Rs 8,800 per sq.ft, which is the same as the current value for Muthu Street.

• Muthurangam Street: Rs 8,800 per sq.ft (2024)
• Muthuram Mudali Street: Rs 3,300 per sq.ft (2024)
• Muthupandian Avenue: Rs 11,500 per sq.ft (2024)
• Nachiyappan Street: Rs 8,800 per sq.ft (2024)
• Nadukuppam 1st Street: Rs 3,300 per sq.ft (2024)
• Nadukuppam 2nd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value would be Rs 88,00,000. The stamp duty at 7% would amount to Rs 6,16,000, while the registration fee at 2% would be Rs 1,76,000. The total cost for these fees together would be Rs 7,92,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthu Street?

The Sub Registrar Office that covers Muthu 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 crucial factor when buying or selling property in Mylapore, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees applicable during the transaction.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during registration.

Frequently asked questions

What is the current guideline value of Muthu Street?

The current guideline value of Muthu 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 changed from Rs 8,000 per sq.ft in 2012 to Rs 5,360 per sq.ft in 2017, then rose to Rs 8,000 in 2023, and finally to Rs 8,800 in 2024.

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

Other streets in Mylapore include Muthurangam Street and Nachiyappan Street, both at Rs 8,800 per sq.ft, while Muthupandian Avenue is at Rs 11,500 per sq.ft, and Muthuram Mudali Street is at Rs 3,300 per sq.ft.

What fees are associated with buying property in Muthu Street?

When buying property in Muthu Street, buyers should consider the stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Muthu Street located?

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