Guideline Value for Mottai Maistry Street

Mottai Maistry Street guideline value

The current guideline value of Mottai Maistry Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Mottai Maistry Street has changed

The guideline value for Mottai Maistry Street has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 804 per sq.ft. This value increased to Rs 1,000 per sq.ft in 2007, reflecting a growth of 24%. In 2012, the guideline value rose significantly to Rs 3,500 per sq.ft, marking a 250% increase. However, it dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%. The value then increased again to Rs 3,500 per sq.ft in 2023, and finally reached Rs 3,800 per sq.ft in the 2024 revision, representing a 9% increase from the previous year.

It is important to note that there is no recorded figure for Mottai Maistry Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 373%.

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 guideline value for these streets is Rs 4,400 per sq.ft, placing Mottai Maistry Street's 2024 figure below that median.

• Mulla Sahib Lane: Rs 5,500 per sq.ft (2024)
• Mulla Sahib Street: Rs 5,500 per sq.ft (2024)
• Muniappa Mudali Street: Rs 5,500 per sq.ft (2024)
• Murthi Lane: Rs 4,400 per sq.ft (2024)
• Murugappan Street: Rs 6,000 per sq.ft (2024)
• Mint Street: Rs 13,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mottai Maistry Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty, charged at 7%, would be Rs 2,66,000, while the registration fee at 2% would be Rs 76,000. Together, the total cost for these fees would be Rs 3,42,000. 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 Mottai Maistry Street?

The Sub Registrar Office that covers Mottai Maistry Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone. 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 critical factor in the registration process when buying or selling property in Muthiyalpet. It serves as a baseline for determining the stamp duty and registration fees that need to be paid during the transaction.

When registering a property, the guideline value helps ensure that the transaction is documented accurately and that the appropriate taxes are collected by the government. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the property transaction.

Frequently asked questions

What is the current guideline value of Mottai Maistry Street?

The current guideline value of Mottai Maistry Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 804 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, with significant fluctuations in between, including a peak of Rs 3,500 per sq.ft in 2012 and a drop to Rs 2,345 per sq.ft in 2017.

What is the land classification for Mottai Maistry Street?

The land classification for Mottai Maistry Street is Residential Class II Type - I.

What are the stamp duty and registration fees for properties in Mottai Maistry Street?

The stamp duty is charged at 7% of the guideline value, while the registration fee is charged at 2%. For a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 3,42,000.

Where is the Sub Registrar Office for Mottai Maistry Street located?

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