Guideline Value for Mayil Sivan Muthu Street

Mayil Sivan Muthu Street guideline value

The current guideline value of Mayil Sivan Muthu Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Kodambakkam village under the Ashok Nagar SRO, classified as Residential Class IV Type - II.

How the guideline value of Mayil Sivan Muthu Street has changed

The guideline value for Mayil Sivan Muthu Street has seen significant changes over the years. In 2007, the guideline value was Rs 620 per sq.ft, which increased to Rs 2,010 per sq.ft in 2017, marking a substantial rise of 224%. The value further increased to Rs 3,000 per sq.ft in 2023, reflecting a 49% increase from the previous revision. The latest revision in 2024 set the guideline value at Rs 3,300 per sq.ft, which is a 10% increase from 2023.

There are no figures available for the revisions in 2002, 2003, and 2012 for this street. Overall, from 2007 to 2024, the guideline value has increased by 432%.

Guideline values in Kodambakkam

In the Kodambakkam village, there are 1,031 streets under the Ashok Nagar SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft, with a median value of Rs 4,900 per sq.ft. Mayil Sivan Muthu Street's current guideline value of Rs 3,300 per sq.ft is below this median.

• Masuthi Street: Rs 4,900 per sq.ft (2024)
• Mastan Ali Garden: Rs 4,100 per sq.ft (2024)
• Masilamani Mudaly Street: Rs 3,300 per sq.ft (2024)
• Meenakshi Nagar: Rs 5,500 per sq.ft (2024)
• Maruthu Pandiyar Street: Rs 3,300 per sq.ft (2024)
• Marutham Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mayil Sivan Muthu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, while the registration fee at 2% would be Rs 66,000, bringing the total cost for these fees to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Mayil Sivan Muthu Street?

The Sub Registrar Office that covers Mayil Sivan Muthu Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. You can find your SRO for more information.

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

The guideline value is an essential factor in property transactions in Kodambakkam. It serves as a benchmark for determining the minimum value of a property for registration purposes. When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees.

During the registration process, the buyer must pay stamp duty based on the higher amount between the sale price and the guideline value. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mayil Sivan Muthu Street?

The current guideline value of Mayil Sivan Muthu Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 620 per sq.ft in 2007 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 432% over the years.

What is the land classification for Mayil Sivan Muthu Street?

Mayil Sivan Muthu Street is classified as Residential Class IV Type - II.

Where is the Sub Registrar Office for Mayil Sivan Muthu Street located?

The Sub Registrar Office for Mayil Sivan Muthu Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Mayil Sivan Muthu Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.