Guideline Value for Muthamil 2nd Cross Street

Muthamil 2nd Cross Street guideline value

The current guideline value of Muthamil 2nd Cross Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Peerklankaranai village, under the Tambaram Joint 1 SRO, classified as Residential Class I Type - III.

How the guideline value of Muthamil 2nd Cross Street has changed

The guideline value for Muthamil 2nd Cross Street has undergone several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft. This figure remained the same until the 2017 revision, which saw a decrease to Rs 804 per sq.ft. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value up to Rs 1,200 per sq.ft. The most recent revision in 2024 has further increased the guideline value to Rs 1,320 per sq.ft, marking a 10% rise from the previous year.

It is important to note that there are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Peerklankaranai

In Peerklankaranai, there are 322 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 880 to Rs 4,400 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Muthamil 2nd Cross Street's 2024 figure below this median.

• Muthamil Ist Cross Street: Rs 1,320 per sq.ft (2024)
• Muthamil Street: Rs 2,200 per sq.ft (2024)
• Murugan Street: Rs 1,100 per sq.ft (2024)
• Muthuswami North Street: Rs 1,100 per sq.ft (2024)
• Muthuswami South Street: Rs 1,100 per sq.ft (2024)
• Muthuswami Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthamil 2nd Cross Street?

The Sub Registrar Office that covers Muthamil 2nd Cross Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Peerklankaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is compared with the sale price. If the sale price is higher than the guideline value, the stamp duty and registration fees are calculated based on the sale price. This ensures that both buyers and sellers are aware of the financial implications of their transactions.

Frequently asked questions

What is the current guideline value of Muthamil 2nd Cross Street?

The current guideline value of Muthamil 2nd Cross Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What are the stamp duty and registration fees for property in Muthamil 2nd Cross Street?

For a 1,000 sq.ft plot at the current guideline value, the total stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Which office handles registrations for Muthamil 2nd Cross Street?

The Tambaram Joint 1 Sub Registrar Office handles registrations for Muthamil 2nd Cross Street, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is the guideline value used in property transactions?

The guideline value is used as a benchmark for property registration, determining the minimum value for registration and the applicable stamp duty and registration fees based on either the guideline value or the sale price, whichever is higher.