Guideline Value for Mukthamji Street

Mukthamji Street guideline value

The current guideline value of Mukthamji Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Alandur village and falls under the Alandur SRO. The land classification for this street is Residential Class I Type - I.

How the guideline value of Mukthamji Street has changed

The guideline value for Mukthamji Street has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 374 per sq.ft. This increased to Rs 406 per sq.ft in 2003, marking a 9% rise. The value then saw a significant increase to Rs 700 per sq.ft in 2007, which was a 72% increase from the previous year.

In the subsequent revisions, the guideline value fluctuated. It reached Rs 5,000 per sq.ft in 2012, a decrease of 33% from the 2007 figure. The value remained at Rs 5,000 per sq.ft until the 2017 revision, when it increased to Rs 3,350 per sq.ft. This was followed by a substantial increase to Rs 5,000 per sq.ft in 2023, and finally, the current guideline value of Rs 5,500 per sq.ft in 2024, which reflects a 10% increase from the previous year.

Guideline values in Alandur

In Alandur, there are 40 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 3,900 to Rs 11,000 per sq.ft. The median guideline value for these streets is Rs 5,000 per sq.ft, placing Mukthamji Street's 2024 figure above this median.

• M.K.N ROAD (mount sub way to cement road): Rs 6,600 per sq.ft (2024)
• Nathatchupethar Street: Rs 4,400 per sq.ft (2024)
• Mathavapuram West Street: Rs 5,000 per sq.ft (2024)
• Mathavapuram South Street: Rs 5,000 per sq.ft (2024)
• Mathavapuram North Street: Rs 5,000 per sq.ft (2024)
• Mathavapuram East Street/Madhavapuram perumal East street: Rs 5,000 per sq.ft (2024)

Stamp duty and registration fee for property in Mukthamji Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total cost for stamp duty and registration fee would be Rs 4,95,000. 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 Mukthamji Street?

The Sub Registrar Office that covers Mukthamji Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process of property transactions in Alandur. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid. This ensures that the transaction is recorded accurately and in compliance with the regulations set by the Registration Department.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly affects the financial aspects of the property transaction. Understanding the guideline value helps in making informed decisions during the buying or selling process.

Frequently asked questions

What is the current guideline value of Mukthamji Street?

The current guideline value of Mukthamji Street is Rs 5,500 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 374 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 1371%.

What is the land classification for Mukthamji Street?

The land classification for Mukthamji Street is Residential Class I Type - I, indicating its designation for residential purposes.

What are the stamp duty and registration fees for property in Mukthamji Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Where is the Sub Registrar Office for Mukthamji Street located?

The Alandur Sub Registrar Office is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.