Guideline Value for Mulla Sahib Street

Mulla Sahib Street guideline value

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

How the guideline value of Mulla Sahib Street has changed

The guideline value for Mulla Sahib Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,700 per sq.ft, which then increased to Rs 5,000 per sq.ft in 2012, marking a significant rise of 194%. However, this value decreased to Rs 3,350 per sq.ft in 2017, reflecting a decline of 33%. The subsequent revision in 2023 raised the value to Rs 5,000 per sq.ft, followed by the latest revision in 2024, which established the current value at Rs 5,500 per sq.ft, an increase of 10% from the previous year.

It is important to note that the register has no figures for Mulla Sahib Street for the years 2002 and 2003. Overall, from 2007 to 2024, the guideline value has increased by 224%.

Guideline values in Muthiyalpet

In Muthiyalpet village, 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 Mulla Sahib Street's 2024 figure above that median.

• Mulla Sahib Lane: 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 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, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mulla Sahib Street?

The Sub Registrar Office that covers Mulla Sahib Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. 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 crucial factor in the registration process when buying or selling property in Muthiyalpet. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is officially recorded at a recognized value.

When a property is registered, the guideline value helps in assessing the taxes applicable. Buyers should be aware that the guideline value can differ significantly from the actual sale price, and the higher of the two will be used for calculating the necessary fees.

Frequently asked questions

What is the current guideline value of Mulla Sahib Street?

The current guideline value of Mulla Sahib 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 from Rs 1,700 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 224% over the years.

What are the other streets in Muthiyalpet with similar guideline values?

Other streets in Muthiyalpet with similar guideline values include Mulla Sahib Lane and Muniappa Mudali Street, both at Rs 5,500 per sq.ft in 2024.

What is the stamp duty for a property on Mulla Sahib Street?

The stamp duty for a property valued at Rs 55,00,000 on Mulla Sahib Street would be Rs 3,85,000, calculated at 7% of the guideline value.

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

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