Guideline Value for Mathamman Kovil Street

Mathamman Kovil Street guideline value

The current guideline value of Mathamman Kovil Street in Naravarikuppam village is Rs 1,650 per sq.ft, effective from 1 July 2024. This street falls under the Redhills SRO and is classified as Residential Class II Type - I.

How the guideline value of Mathamman Kovil Street has changed

The guideline value for Mathamman Kovil Street has seen several revisions over the years. In 2002, the guideline value was Rs 3,471 per sq.ft, which decreased to Rs 353 per sq.ft in 2003. The value then increased to Rs 400 per sq.ft in 2007, followed by a significant rise to Rs 1,500 per sq.ft in 2012. However, it dropped to Rs 1,005 per sq.ft in 2017, before climbing again to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 1,650 per sq.ft.

From 2023 to 2024, there was an increase of 10%. The change from 2017 to 2023 represented a 49% increase. The revision from 2012 to 2017 saw a decrease of 33%, while there was a substantial increase of 275% from 2007 to 2012. The value rose by 13% from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has decreased by 52%.

Guideline values in Naravarikuppam

Naravarikuppam village has a total of 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is the same as the current value for Mathamman Kovil Street.

• Market Street (G.N.T. Road): Rs 3,300 per sq.ft (2024)
• Meeran Moideen Street: Rs 1,320 per sq.ft (2024)
• Mettu Street: Rs 1,650 per sq.ft (2024)
• Makkal Murpokku Manram Street: Rs 1,650 per sq.ft (2024)
• M.K. Gandhi Street: Rs 1,320 per sq.ft (2024)
• Madhavaram Redhills Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mathamman Kovil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, while the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Mathamman Kovil Street?

The Sub Registrar Office that covers Mathamman Kovil Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more details.

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

The guideline value plays a crucial role during property transactions in Naravarikuppam. It is used to determine the stamp duty and registration fees that need to be paid when buying or selling property. This ensures that the transaction is officially recorded and that the appropriate taxes are collected.

When a property is registered, the guideline value is considered to ensure that the transaction reflects a fair valuation of the property. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Mathamman Kovil Street?

The current guideline value of Mathamman Kovil Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has undergone several revisions, starting from Rs 3,471 per sq.ft in 2002 to Rs 1,650 per sq.ft in 2024, with various increases and decreases in between.

What is the registration office for Mathamman Kovil Street?

The registration office for Mathamman Kovil Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

How is stamp duty calculated for properties in Mathamman Kovil Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 at a rate of 7%.

What are the other streets in Naravarikuppam with guideline values?

Other streets in Naravarikuppam include Market Street (G.N.T. Road) at Rs 3,300 per sq.ft, Meeran Moideen Street at Rs 1,320 per sq.ft, and Mettu Street at Rs 1,650 per sq.ft, among others.