Guideline Value for Muthaiah Mudali Street

Muthaiah Mudali Street guideline value

The current guideline value of Muthaiah Mudali Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 2 village and falls under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Muthaiah Mudali Street has changed

The guideline value for Muthaiah Mudali Street has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 8,700 per sq.ft, which is an increase of 9% from the 2023 revision of Rs 8,000 per sq.ft. The register does not have figures for the years 2017, 2012, 2007, 2003, and 2002 for this street.

Prior to the 2023 revision, there were no recorded figures for Muthaiah Mudali Street in the revisions from 2017, 2012, 2007, 2003, and 2002. The only available figures are from the 2023 and 2024 revisions, showing a clear upward trend in the guideline value.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are a total of 332 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for this area is Rs 8,800 per sq.ft, placing Muthaiah Mudali Street's 2024 figure below the median.

• Muthaiah Pillai Street: Rs 8,700 per sq.ft (2024)
• Murrays Gate Road: Rs 14,300 per sq.ft (2024)
• Muthiah Street: Rs 8,700 per sq.ft (2024)
• Muthu Lane: Rs 8,700 per sq.ft (2024)
• Mudaliyanndan Thottam: Rs 7,700 per sq.ft (2024)
• Mudaliyandan Street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Muthaiah Mudali Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value amounts to Rs 87,00,000. The stamp duty at 7% would be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, bringing the total cost for these fees to Rs 7,83,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can calculate your own fees using the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthaiah Mudali Street?

The Sub Registrar Office that covers Muthaiah Mudali Street is the Chennai Central Joint I Sub Registrar Office, located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014. For more information, you can find your SRO.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a critical component during the registration process when buying or selling property. It serves as a benchmark for determining the stamp duty and registration fees, ensuring that these costs are calculated based on an official valuation rather than the sale price alone.

When a property is being registered, the guideline value helps to establish a fair transaction amount for taxation purposes. Buyers and sellers should be aware of this value to understand their financial obligations during the property transfer process.

Frequently asked questions

What is the current guideline value of Muthaiah Mudali Street?

The current guideline value of Muthaiah Mudali Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed recently?

The guideline value increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, representing a 9% increase.

What is the land classification for Muthaiah Mudali Street?

Muthaiah Mudali Street is classified as Residential Class I Type - III.

Where can I find the Sub Registrar Office for Muthaiah Mudali Street?

The Sub Registrar Office for Muthaiah Mudali Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.

How is the stamp duty calculated for properties in Mylapore Part 2?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, at the current guideline value, the stamp duty would be calculated on Rs 87,00,000 for a 1,000 sq.ft plot.