Guideline Value for Masuthi First Street

Masuthi First Street guideline value

The current guideline value of Masuthi First Street in Malligaicherry village, under the Konnur SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class III Type - I land classification.

How the guideline value of Masuthi First Street has changed

The guideline value for Masuthi First Street has seen several revisions over the years. In 2002, the guideline value was Rs 384 per sq.ft, which increased to Rs 415 per sq.ft in 2003. Following this, the value rose significantly to Rs 700 per sq.ft in 2007, and further increased to Rs 2,000 per sq.ft in 2012. However, there was a decline to Rs 1,340 per sq.ft in 2017. The value then saw a substantial rise to Rs 2,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 2,200 per sq.ft.

The changes between the revisions reflect various increments and decrements. From 2017 to 2023, there was a notable increase of 49%. The jump from 2007 to 2012 was a significant decrease of 33%, while the increase from 2002 to 2003 was 8%. Overall, from 2002 to 2024, the guideline value has increased by 473%.

Guideline values in Malligaicherry

Malligaicherry village has a total of 49 streets under the Konnur SRO carrying a 2024 guideline value ranging from Rs 2,200 to Rs 6,000 per sq.ft. The median guideline value in the village is Rs 2,400 per sq.ft, placing Masuthi First Street's 2024 figure below that median.

• Masuthi Second Street: Rs 2,200 per sq.ft (2024)
• Masuthi Street: Rs 2,200 per sq.ft (2024)
• Madras Pattai Road @: Rs 2,750 per sq.ft (2024)
• Moorthi Nagar: Rs 3,800 per sq.ft (2024)
• Madras Pattai Lane: Rs 2,400 per sq.ft (2024)
• M.T.H. Road: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Masuthi First Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to 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 Masuthi First Street?

The Sub Registrar Office that covers Masuthi First Street is the Konnur Sub Registrar Office, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Malligaicherry. It is used to determine the stamp duty and registration fees that buyers must pay when purchasing property. The authorities use the guideline value to ensure that the fees are calculated based on a standardized value for properties in the area.

When selling property, the guideline value helps in establishing a baseline for the sale price. Buyers and sellers often refer to the guideline value to understand the worth of the property in the current market context, ensuring transparency in transactions.

Frequently asked questions

What is the current guideline value of Masuthi First Street?

The current guideline value of Masuthi First Street is Rs 2,200 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 384 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 473% over the years.

What are the stamp duty and registration fees for a property in Masuthi First Street?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles registrations for Masuthi First Street?

The Konnur Sub Registrar Office handles registrations for Masuthi First Street, located at Villivakkam Panchayat, Union Office Complex, Dunlop Bus Stop, Ambattur, Chennai.

What is the land classification for Masuthi First Street?

Masuthi First Street falls under the Residential Class III Type - I land classification, which is important for determining the usage and development potential of the property.