Guideline Value for Malaiya Perumal Street

Malaiya Perumal Street guideline value

The current guideline value of Malaiya Perumal Street is Rs 8,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Commercial Class I Type - II.

How the guideline value of Malaiya Perumal Street has changed

The guideline value for Malaiya Perumal Street has seen several revisions over the years. The earliest recorded figure is from 2003, at Rs 2,610 per sq.ft. This increased to Rs 3,000 per sq.ft in 2007, marking a 15% rise. In 2012, the value changed to Rs 8,000 per sq.ft, which was a significant increase of 167%. However, in 2017, it dropped to Rs 5,360 per sq.ft, reflecting a decrease of 33%. The next revision in 2023 raised it to Rs 8,000 per sq.ft, and the most recent revision in 2024 set the current guideline value at Rs 8,800 per sq.ft, indicating a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 237%. The register has no figure for the year 2002 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, and Malaiya Perumal Street's 2024 figure is above this median.

• Malaiyappan Street: Rs 4,400 per sq.ft (2024)
• Managgappan Street: Rs 4,400 per sq.ft (2024)
• Mangammal Street: Rs 4,400 per sq.ft (2024)
• Mangammal Street 1st Lane: Rs 4,400 per sq.ft (2024)
• ManiKanda Mudali Street: Rs 4,400 per sq.ft (2024)
• Mannarsamy Street (Pakoda Street): Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Malaiya Perumal 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, bringing the total to Rs 7,92,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Malaiya Perumal Street?

The Sub Registrar Office that covers Malaiya Perumal Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which properties can be registered. This ensures that the property transaction is recorded at a value that reflects the current market conditions as determined by the state authorities.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Malaiya Perumal Street?

The current guideline value of Malaiya Perumal 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 2,610 per sq.ft in 2003 to Rs 8,800 per sq.ft in 2024, reflecting a total increase of 237% over this period.

What is the land classification for Malaiya Perumal Street?

Malaiya Perumal Street is classified as Commercial Class I Type - II, indicating its suitability for commercial activities.

Where can I find the Sub Registrar Office for Malaiya Perumal Street?

The Sowcarpet Sub Registrar Office, which covers Malaiya Perumal Street, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Malaiya Perumal Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 88,00,000 would incur a stamp duty of Rs 6,16,000 at a rate of 7%.