Guideline Value for Muniya PillaiSTreet

Muniya PillaiSTreet guideline value

The current guideline value of Muniya PillaiSTreet is Rs 7,100 per sq.ft. This street is located in Egmore village, under the Periamet SRO, and is classified as Residential Class II Type - I.

How the guideline value of Muniya PillaiSTreet has changed

The guideline value for Muniya PillaiSTreet has seen several revisions over the years. In 2002, the guideline value was Rs 601 per sq.ft, which increased to Rs 663 per sq.ft in 2003. Following this, there was a significant rise to Rs 1,000 per sq.ft in 2007, and then a substantial jump to Rs 6,500 per sq.ft in 2012. However, between 2012 and 2017, the value dropped to Rs 4,355 per sq.ft. The value then rose again to Rs 6,500 per sq.ft in 2023, before reaching the current rate of Rs 7,100 per sq.ft in 2024.

The changes between revisions are notable. From 2002 to 2024, the overall increase is 1081%. Specifically, the value rose by 10% from 2002 to 2003, by 51% from 2003 to 2007, by 550% from 2007 to 2012, decreased by 33% from 2012 to 2017, and then increased by 49% from 2017 to 2023, culminating in a 9% increase from 2023 to 2024.

Guideline values in Egmore

In Egmore, there are 465 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 22,000 per sq.ft. The median value is Rs 7,100 per sq.ft, which is equal to the current guideline value of Muniya PillaiSTreet.

• Munusamy Lane: Rs 4,900 per sq.ft (2024)
• Murrari Avenue: Rs 13,400 per sq.ft (2024)
• Murthy Nagar: Rs 6,300 per sq.ft (2024)
• Muktha Garden: Rs 13,400 per sq.ft (2024)
• Murugesan NaickenStreet: Rs 3,900 per sq.ft (2024)
• Murugesan street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Muniya PillaiSTreet

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total fees Rs 6,39,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muniya PillaiSTreet?

The Sub Registrar Office that covers Muniya PillaiSTreet 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 Egmore

The guideline value is a crucial factor during the registration of property transactions in Egmore. It serves as a benchmark for calculating the stamp duty and registration fees that are payable when a property is bought or sold. The registration process requires that the property be valued at either the guideline value or the sale price, whichever is higher.

When a buyer or seller engages in a transaction, the guideline value ensures that the government receives the appropriate revenue from stamp duty and registration fees. This system helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Muniya PillaiSTreet?

The current guideline value of Muniya PillaiSTreet is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 601 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, representing an overall increase of 1081% over the years.

What are the stamp duty and registration fees for properties in Muniya PillaiSTreet?

For a property valued at Rs 71,00,000, the stamp duty would be Rs 4,97,000, and the registration fee would be Rs 1,42,000, totaling Rs 6,39,000.

Which Sub Registrar Office handles transactions for Muniya PillaiSTreet?

The Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003, handles transactions for Muniya PillaiSTreet.

What is the land classification for Muniya PillaiSTreet?

Muniya PillaiSTreet is classified as Residential Class II Type - I, which indicates its suitability for residential development.