Guideline Value for Mothilal Street

Mothilal Street guideline value

The current guideline value of Mothilal Street is Rs 2,700 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO, classified as Residential Class IV Type - I.

How the guideline value of Mothilal Street has changed

The guideline value for Mothilal Street has undergone several revisions over the years. In the 2007 revision, the value was set at Rs 800 per sq.ft, which increased significantly to Rs 2,500 per sq.ft in the 2012 revision. However, in the 2017 revision, the value decreased to Rs 1,675 per sq.ft. The 2023 revision saw a rise to Rs 2,500 per sq.ft, and the most recent 2024 revision has brought it to Rs 2,700 per sq.ft.

From 2007 to 2024, the overall change in guideline value is +238%. The changes between the revisions include an increase of 213% from 2007 to 2012, a decrease of 33% from 2012 to 2017, a significant increase of 49% from 2017 to 2023, and an increase of 8% from 2023 to 2024. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a guideline value for 2024, ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. Mothilal Street's 2024 guideline value is below this median.

• Mothilal Nehru Street: Rs 2,700 per sq.ft (2024)
• Mosque Street: Rs 3,300 per sq.ft (2024)
• Munusamy Street: Rs 4,800 per sq.ft (2024)
• Muthugramani Street: Rs 6,000 per sq.ft (2024)
• Nabhikhan Subedhar Street: Rs 6,000 per sq.ft (2024)
• Mekpor Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Mothilal Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, making the total cost Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Mothilal Street?

The Sub Registrar Office that covers Mothilal Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Vepery. It serves as a benchmark for determining the stamp duty and registration fees payable when buying or selling property. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value helps establish the minimum value for taxation purposes. This ensures that the government receives appropriate revenue from property transactions, and it provides transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Mothilal Street?

The current guideline value of Mothilal Street is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 2,700 per sq.ft in 2024, reflecting an overall increase of 238% over these years.

What are the other streets in Vepery with their guideline values?

Other streets in Vepery include Mothilal Nehru Street at Rs 2,700 per sq.ft, Mosque Street at Rs 3,300 per sq.ft, Munusamy Street at Rs 4,800 per sq.ft, Muthugramani Street at Rs 6,000 per sq.ft, Nabhikhan Subedhar Street at Rs 6,000 per sq.ft, and Mekpor Lane at Rs 4,400 per sq.ft for 2024.

What is the stamp duty rate for property transactions in Mothilal Street?

The stamp duty rate for property transactions in Mothilal Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Mothilal Street?

The Sub Registrar Office for Mothilal Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003.