Guideline Value for Memorial Hall Road

Memorial Hall Road guideline value

The current guideline value of Memorial Hall Road is Rs 13,000 per sq.ft, effective from 1 July 2024. This road is located in Muthiyalpet village under the Sowcarpet SRO, classified as Commercial Class I Type - I.

How the guideline value of Memorial Hall Road has changed

The guideline value for Memorial Hall Road has seen significant changes over the years. Starting from Rs 2,137 per sq.ft in 2003, it increased to Rs 5,500 per sq.ft in 2007, marking a rise of 157%. The value then surged to Rs 12,000 per sq.ft in 2012, reflecting a substantial increase of 118%. However, there was a decrease to Rs 8,040 per sq.ft in 2017, which was a decline of 33%. The guideline value rose again to Rs 12,000 per sq.ft in 2023, and it increased by 8% to reach the current value of Rs 13,000 per sq.ft in 2024.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 508%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. Memorial Hall Road's 2024 guideline value is above this median.

• Meera Labai Street: Rs 6,000 per sq.ft (2024)
• Mayilai Periya Thambi Street: Rs 4,400 per sq.ft (2024)
• Mint 1st Lane: Rs 6,600 per sq.ft (2024)
• Mint 2nd Lane: Rs 6,600 per sq.ft (2024)
• Mint 3rd Lane: Rs 8,800 per sq.ft (2024)
• Mint Street: Rs 13,000 per sq.ft (2024)

Stamp duty and registration fee for property in Memorial Hall Road

For a 1,000 sq.ft plot at the current guideline value of Rs 13,000 per sq.ft, the total guideline value amounts to Rs 1,30,00,000. The stamp duty at 7% would be Rs 9,10,000, and the registration fee at 2% would be Rs 2,60,000, bringing the total to Rs 11,70,000. It is important to note that 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 Memorial Hall Road?

The Sub Registrar Office that covers Memorial Hall Road is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transactions are recorded at a fair value.

When a property is sold, the guideline value helps in assessing the financial implications for both the buyer and seller. It provides a benchmark that must be adhered to during the registration process, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value of Memorial Hall Road?

The current guideline value of Memorial Hall Road is Rs 13,000 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 2,137 per sq.ft in 2003 to Rs 13,000 per sq.ft in 2024, reflecting an overall increase of 508% over this period.

What is the land classification of Memorial Hall Road?

Memorial Hall Road is classified as Commercial Class I Type - I, indicating its suitability for commercial activities.

What are the stamp duty and registration fees for properties on this road?

For a property valued at Rs 1,30,00,000, the stamp duty would be Rs 9,10,000 and the registration fee would be Rs 2,60,000, totaling Rs 11,70,000.

Which office handles registrations for Memorial Hall Road?

The Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, handles registrations for Memorial Hall Road.