Guideline Value for Mulla Sahib Lane

Mulla Sahib Lane guideline value

The current guideline value of Mulla Sahib Lane in Muthiyalpet village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Sowcarpet Sub Registrar Office (SRO) and is classified as Residential Special Type - II.

How the guideline value of Mulla Sahib Lane has changed

The guideline value for Mulla Sahib Lane has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 1,700 per sq.ft. It increased significantly to Rs 5,000 per sq.ft in 2012, marking a 194% rise. However, the value then dropped to Rs 3,350 per sq.ft in 2017, a decrease of 33%. The 2023 revision saw a substantial increase to Rs 5,000 per sq.ft, followed by a further rise to Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for Mulla Sahib Lane. Overall, from 2007 to 2024, the guideline value has increased by 224%.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft as of 2024. The median guideline value in this village is Rs 4,400 per sq.ft, placing Mulla Sahib Lane's 2024 figure above that median.

• 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)
• Murugesa Mudali Street: Rs 4,900 per sq.ft (2024)
• Mottai Maistry Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Mulla Sahib Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty is charged at 7%, amounting to Rs 3,85,000, while the registration fee is 2%, totaling 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.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mulla Sahib Lane?

The Sub Registrar Office that covers Mulla Sahib Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor in property transactions in Muthiyalpet, as it determines the minimum price at which a property can be registered. It is used by the registration authorities to calculate stamp duty and registration fees, ensuring that these costs are based on a standardized value rather than the negotiated sale price.

When buying or selling property in Muthiyalpet, it is essential to be aware of the current guideline value to avoid any discrepancies during the registration process. This value not only affects the financial aspects of the transaction but also serves as a reference point for property valuations in the area.

Frequently asked questions

What is the current guideline value of Mulla Sahib Lane?

The current guideline value of Mulla Sahib Lane 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 seen several changes, starting from Rs 1,700 per sq.ft in 2007, increasing to Rs 5,000 in 2012, dropping to Rs 3,350 in 2017, and rising to Rs 5,000 in 2023. The latest revision in 2024 set the value at Rs 5,500 per sq.ft.

What is the land classification for Mulla Sahib Lane?

Mulla Sahib Lane is classified as Residential Special Type - II, which indicates its intended use for residential purposes.

Where can I find the Sub Registrar Office for Mulla Sahib Lane?

The Sowcarpet Sub Registrar Office, which covers Mulla Sahib Lane, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Muthiyalpet?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 at 7%.