Guideline Value for Mint Street

Mint Street guideline value

The current guideline value of Mint Street in Muthiyalpet village is Rs 13,000 per sq.ft, effective from 1 July 2024. This street falls under the Sowcarpet SRO and is classified as Commercial Class I Type - I.

How the guideline value of Mint Street has changed

The guideline value for Mint Street has undergone several revisions over the years. In 2003, the value was Rs 2,862 per sq.ft, which increased to Rs 5,500 per sq.ft in 2007, marking a significant rise of 92%. Following this, the value jumped to Rs 12,000 per sq.ft in 2012, an increase of 118%. However, between 2012 and 2017, the value decreased to Rs 8,040 per sq.ft, a decline of 33%. The value then surged to Rs 12,000 per sq.ft in 2023, reflecting a 49% increase. As of 2024, the guideline value stands at Rs 13,000 per sq.ft, showing an 8% increase from the previous year.

It is important to note that there is no figure available for Mint Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 354%.

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. The median value for these streets is Rs 4,400 per sq.ft, making Mint Street's 2024 figure of Rs 13,000 per sq.ft significantly above the median.

• Mint 3rd Lane: Rs 8,800 per sq.ft (2024)
• Mint 2nd Lane: Rs 6,600 per sq.ft (2024)
• Mint 1st Lane: Rs 6,600 per sq.ft (2024)
• Mottai Maistry Street: Rs 3,800 per sq.ft (2024)
• Memorial Hall Road: Rs 13,000 per sq.ft (2024)
• Meera Labai Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mint Street

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, calculated at 7%, would be Rs 9,10,000, and the registration fee at 2% would be Rs 2,60,000, totaling Rs 11,70,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mint Street?

The Sub Registrar Office that covers Mint Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. For more information, you can find your SRO.

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

The guideline value plays a crucial role in property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue from property transactions.

When buying or selling a property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Mint Street?

The current guideline value of Mint Street 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, increasing from Rs 2,862 per sq.ft in 2003 to Rs 13,000 per sq.ft in 2024, which represents an overall increase of 354%.

What is the land classification of Mint Street?

Mint Street is classified as Commercial Class I Type - I according to the land classification standards.

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Mint Street?

Stamp duty for properties in Mint Street is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 1,30,00,000 would incur a stamp duty of Rs 9,10,000 at a rate of 7%.