Guideline Value for MUTHUKRISHNAN STREET

Muthukrishnan Street guideline value

The current guideline value of Muthukrishnan Street is Rs 11,000 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village and falls under the Thiyagaraya nagar SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of Muthukrishnan Street has changed

The guideline value for Muthukrishnan Street has seen significant changes over the years. In 2002, the value was Rs 1,856 per sq.ft. This increased to Rs 2,060 per sq.ft in 2003, marking a rise of 11%. The value then rose to Rs 3,000 per sq.ft in 2007, which was a substantial increase of 46%. In 2012, the guideline value was Rs 10,000 per sq.ft, reflecting a remarkable rise of 233%. However, it dropped to Rs 6,700 per sq.ft in 2017, a decrease of 33%. The value saw a significant increase again, reaching Rs 10,000 per sq.ft in 2023, and finally, it stands at Rs 11,000 per sq.ft from the 2024 revision, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 493%. The register has no figure for the years not mentioned above.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median value is Rs 11,000 per sq.ft, which matches the current guideline value of Muthukrishnan Street.

• Muthurangan Salai: Rs 13,200 per sq.ft (2024)
• Nageswara Rao Road: Rs 17,600 per sq.ft (2024)
• Murugesan Street: Rs 11,000 per sq.ft (2024)
• Murugan Street: Rs 13,200 per sq.ft (2024)
• Nana Street: Rs 13,200 per sq.ft (2024)
• Nandhi Loop Street: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Muthukrishnan Street

For a 1,000 sq.ft plot at the current rate of Rs 11,000 per sq.ft, the guideline value would be Rs 1,10,00,000. The stamp duty at 7% would be Rs 7,70,000, and the registration fee at 2% would be Rs 2,20,000, totaling Rs 9,90,000. 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 Muthukrishnan Street?

The Sub Registrar Office that covers Muthukrishnan Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Tnagar. It determines the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value for taxation purposes.

When a buyer or seller approaches the registration office, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are aware of the financial obligations involved in the property transaction.

Frequently asked questions

What is the current guideline value of Muthukrishnan Street?

The current guideline value of Muthukrishnan Street is Rs 11,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,856 per sq.ft in 2002 to Rs 11,000 per sq.ft in 2024, showing an overall increase of 493% over the years.

What is the land classification for Muthukrishnan Street?

The land classification for Muthukrishnan Street is Residential Special Type - I.

Where can I find the Sub Registrar Office for Muthukrishnan Street?

The Thiyagaraya nagar Sub Registrar Office covers Muthukrishnan Street and is located at 27/14, Vetnari Hospital Road, Panpet Nandhanam, Chennai-35.

How is the stamp duty calculated for properties in Muthukrishnan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at Rs 11,000 per sq.ft, the total guideline value would be Rs 1,10,00,000.