Guideline Value for Mannar Street

Mannar Street guideline value

The current guideline value of Mannar Street in Muthiyalpet village, under the Sowcarpet SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Mannar Street has changed

The guideline value for Mannar Street has seen significant changes over the years. In 2003, the guideline value was Rs 920 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007, marking a growth of 30%. The value then surged to Rs 4,000 per sq.ft in 2012, reflecting a substantial increase of 233%. However, it decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value rebounded to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in 2024, showing a rise of 10%.

Overall, from 2003 to 2024, the guideline value has increased by 378%. It is important to note that there is no figure available for the year 2002 in the register for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which matches the current guideline value for Mannar Street.

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

Stamp duty and registration fee for property in Mannar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, while the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

For more information, you can use our stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mannar Street?

The Sub Registrar Office that covers Mannar Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, in the Chennai registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are conducted fairly and transparently.

When registering a property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory costs associated with the transfer of ownership. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mannar Street?

The current guideline value of Mannar Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

Since 2003, the guideline value has increased from Rs 920 per sq.ft to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 378% over this period.

What is the land classification for Mannar Street?

Mannar Street falls under the Residential Class I Type - I land classification, which is relevant for property transactions in this area.

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01, in the Chennai registration zone.

How is stamp duty calculated for properties in Mannar Street?

Stamp duty is calculated based on the guideline value or the sale price of the property, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at 7%.