Guideline Value for MUTHURANGAM STREET

Muthurangam Street guideline value

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

How the guideline value of Muthurangam Street has changed

The guideline value for Muthurangam Street has seen significant changes over the years. In 2007, the value was Rs 1,540 per sq.ft, which then increased to Rs 8,000 per sq.ft in 2012, marking a substantial rise of 419%. However, in 2017, the value dropped to Rs 5,360 per sq.ft, reflecting a decrease of 33%. The value then rose again to Rs 8,000 per sq.ft in 2023, and finally increased to Rs 8,800 per sq.ft in the 2024 revision, which is a 10% increase from the previous year. It is important to note that the register has no figures for the years 2002 and 2003.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 471%. The changes in the guideline value reflect the fluctuations in the property market over the years.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median value is Rs 8,800 per sq.ft, which aligns with the current guideline value of Muthurangam Street.

• Muthuram Mudali Street: Rs 3,300 per sq.ft (2024)
• Muthu Street: Rs 8,800 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 Muthurangam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,800 per sq.ft, the total guideline value amounts to Rs 88,00,000. The stamp duty at 7% would be Rs 6,16,000, and the registration fee at 2% would be Rs 1,76,000, totaling Rs 7,92,000. Please 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 Muthurangam Street?

The Sub Registrar Office that covers Muthurangam 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 plays a crucial role during the registration of property transactions in Mylapore. It determines the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, it is essential to be aware of the current guideline value, as this will impact the overall costs involved in the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal complications during registration.

Frequently asked questions

What is the current guideline value of Muthurangam Street?

The current guideline value of Muthurangam 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 significantly from Rs 1,540 per sq.ft in 2007 to Rs 8,800 per sq.ft in 2024, reflecting an overall increase of 471% over the years.

What are the stamp duty and registration fees for properties on Muthurangam Street?

For a property valued at Rs 88,00,000, the stamp duty would be Rs 6,16,000 and the registration fee would be Rs 1,76,000, totaling Rs 7,92,000.

Which Sub Registrar Office covers Muthurangam Street?

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

What is the land classification for Muthurangam Street?

Muthurangam Street is classified as Residential Class III Type - III, indicating its designation for residential use.