Guideline Value for Musafar Jung Bahadur Street

Musafar Jung Bahadur Street guideline value

The current guideline value of Musafar Jung Bahadur Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village under the Triplicane SRO, classified as Residential Class I Type - I.

How the guideline value of Musafar Jung Bahadur Street has changed

The guideline value for Musafar Jung Bahadur Street has undergone several revisions over the years. In 2007, the value was Rs 1,145 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, it saw a decrease to Rs 4,020 per sq.ft in 2017. Following this, the value rose to Rs 6,000 per sq.ft in 2023, and currently stands at Rs 6,600 per sq.ft as of the 2024 revision. The changes between these revisions include a 424% increase from 2007 to 2012, a 33% decrease from 2012 to 2017, a 49% increase from 2017 to 2023, and a 10% increase from 2023 to 2024.

It is important to note that the register does not have figures for the revisions in 2002 and 2003 for this street.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO with a 2024 guideline value ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, which is equal to the current value of Musafar Jung Bahadur Street.

• Murugappa Achari Street Chennai-5: Rs 5,500 per sq.ft (2024)
• Muniyappa Chetty Street: Rs 5,500 per sq.ft (2024)
• Muthukalathi Street: Rs 6,600 per sq.ft (2024)
• Muktharunnissa Street: Rs 7,700 per sq.ft (2024)
• Muktharunnissa Begum 7th lane: Rs 5,500 per sq.ft (2024)
• Muktharunnissa Begum 6th lane: Rs 5,500 per sq.ft (2024)

Stamp duty and registration fee for property in Musafar Jung Bahadur Street

For a 1,000 sq.ft plot at the current rate of Rs 6,600 per sq.ft, the guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. 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 Musafar Jung Bahadur Street?

The Sub Registrar Office that covers Musafar Jung Bahadur Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Triplicane. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations.

When registering a property, the guideline value serves as a benchmark for the transaction value, ensuring that the appropriate taxes are collected. It is essential for both parties to understand how this value impacts the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Musafar Jung Bahadur Street?

The current guideline value of Musafar Jung Bahadur Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,145 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting various increases and decreases across the years.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

Which office handles registrations for Musafar Jung Bahadur Street?

The Triplicane Sub Registrar Office handles registrations for Musafar Jung Bahadur Street, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it determines the stamp duty and registration fees payable during property transactions, ensuring compliance with local tax regulations.