Guideline Value for Muthaiah Pillai Street

Muthaiah Pillai Street guideline value

The current guideline value of Muthaiah Pillai 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 Pillai Street has changed

The guideline value for Muthaiah Pillai Street has undergone 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. Previous revisions from the years 2017, 2012, 2007, 2003, and 2002 have no figures available for this street in the register.

From 2023 to 2024, the increase of 9% indicates a notable adjustment in the guideline value. The value has risen from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, reflecting changes in the property landscape of the area.

Guideline values in Mylapore Part 2

In Mylapore Part 2, there are 332 streets under the Chennai Central Joint I SRO, with guideline values 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 Pillai Street's 2024 figure below this median.

• Muthaiah Mudali 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 Pillai 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, resulting in a total of Rs 7,83,000. It is important to note that the 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 Muthaiah Pillai Street?

The Sub Registrar Office that covers Muthaiah Pillai Street is the Chennai Central Joint I 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 Mylapore Part 2

The guideline value plays a crucial role in the registration process of property transactions in Mylapore Part 2. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees that need to be paid, ensuring that all transactions are compliant with local regulations.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the financial aspects of property transactions. Accurate valuation helps in avoiding disputes during the registration process.

Frequently asked questions

What is the current guideline value of Muthaiah Pillai Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking a 9% increase. There are no figures available for the years 2017, 2012, 2007, 2003, and 2002 for this street.

What is the median guideline value in Mylapore Part 2?

The median guideline value in Mylapore Part 2 is Rs 8,800 per sq.ft, which means Muthaiah Pillai Street's value is below this median.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000, and the registration fee would be Rs 1,74,000, totaling Rs 7,83,000. These fees are based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Muthaiah Pillai Street located?

The Sub Registrar Office for Muthaiah Pillai Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014, under the Chennai Central Joint I SRO.