Guideline Value for Mathiyazhagan Street Main

Mathiyazhagan Street Main guideline value

The current guideline value of Mathiyazhagan Street Main is Rs 2,800 per sq.ft, effective from 1 July 2024. This street is located in Ullagaram village, under the Alandur SRO, and is classified as Residential Class II Type - I.

How the guideline value of Mathiyazhagan Street Main has changed

Over the years, the guideline value for Mathiyazhagan Street Main has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which then decreased to Rs 1,675 per sq.ft in the 2017 revision. This was a significant drop of 33%. However, the value rebounded to Rs 2,500 per sq.ft in the 2023 revision, marking a 49% increase from the 2017 figure. The latest revision in 2024 has further increased the guideline value to Rs 2,800 per sq.ft, reflecting a 12% rise from the previous year.

There are no figures available for the years 2002, 2003, and 2007 in the register for this street. Overall, from 2012 to 2024, the guideline value has increased by 12%.

Guideline values in Ullagaram

In Ullagaram, there are 298 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 5,500 per sq.ft. The median guideline value for these streets is Rs 2,800 per sq.ft, which is equal to the current guideline value of Mathiyazhagan Street Main.

• Mathiyazhagan Street 2nd Cross Street: Rs 2,800 per sq.ft (2024)
• Mathiyazhagan Street 1st Cross Street: Rs 2,800 per sq.ft (2024)
• Medavakkam Alandur High Road: Rs 5,500 per sq.ft (2024)
• Medavakkam Main Road: Rs 5,500 per sq.ft (2024)
• Mekmillan 1st Cross Street: Rs 3,900 per sq.ft (2024)
• Mekmillan 2nd Cross Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Mathiyazhagan Street Main

For a 1,000 sq.ft plot at the current rate of Rs 2,800 per sq.ft, the guideline value amounts to Rs 28,00,000. The stamp duty at 7% would be Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, totaling Rs 2,52,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mathiyazhagan Street Main?

The Sub Registrar Office that covers Mathiyazhagan Street Main is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

When buying or selling property in Ullagaram, the guideline value is a crucial factor in determining the stamp duty and registration fees. It serves as a reference point for calculating the costs associated with property transactions, ensuring that both buyers and sellers are aware of the financial implications of their dealings.

At the time of registration, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue based on the actual value of the transaction.

Frequently asked questions

What is the current guideline value of Mathiyazhagan Street Main?

The current guideline value of Mathiyazhagan Street Main is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,800 per sq.ft in 2024.

What is the land classification for Mathiyazhagan Street Main?

Mathiyazhagan Street Main is classified as Residential Class II Type - I.

Where can I find the registration office for Mathiyazhagan Street Main?

The registration office for Mathiyazhagan Street Main is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is the stamp duty calculated for properties in Ullagaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. The current rates are 7% for stamp duty and 2% for the registration fee.