Guideline Value for Muthamil Street

Muthamil Street guideline value

The current guideline value of Muthamil Street is Rs 1,650 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Class I Type - III.

How the guideline value of Muthamil Street has changed

The guideline value for Muthamil Street has undergone several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was later revised to Rs 1,005 per sq.ft in 2017. The value then increased significantly to Rs 1,500 per sq.ft in 2023, before reaching the current rate of Rs 1,650 per sq.ft in 2024. Notably, there are no figures available for the revisions in 2002, 2003, and 2007.

From 2012 to 2017, there was a decrease of 33%, followed by a substantial increase of 49% from 2017 to 2023. The most recent change from 2023 to 2024 reflects a 10% increase. Overall, comparing the figures from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, which is equal to the current value of Muthamil Street.

• Muththalamman Koil Street: Rs 2,750 per sq.ft (2024)
• Murugesan Street: Rs 1,650 per sq.ft (2024)
• Muthulakshmi Nagar: Rs 3,850 per sq.ft (2024)
• muthulakshmi Nagar Ext: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Nagar Sarathambal street: Rs 3,850 per sq.ft (2024)
• Muthulakshmi Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value would be Rs 16,50,000. The stamp duty at 7% would amount to Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthamil Street?

The Sub Registrar Office that covers Muthamil 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 more information about your local office by visiting find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Chitlapakkam. It determines the minimum value at which 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 serves as a reference point for both parties. It is essential to consider this value to avoid any discrepancies during the registration process, as the stamp duty is calculated based on the higher of the guideline value or the sale price.

Frequently asked questions

What is the current guideline value of Muthamil Street?

The current guideline value of Muthamil Street is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 1,500 per sq.ft in 2012, decreasing to Rs 1,005 per sq.ft in 2017, then increasing to Rs 1,500 per sq.ft in 2023, and finally reaching Rs 1,650 per sq.ft in 2024.

What is the land classification for Muthamil Street?

Muthamil Street is classified as Residential Class I Type - III, indicating its designation for residential purposes within the area.

What are the stamp duty and registration fees for properties in Muthamil Street?

For a property valued at Rs 16,50,000, the stamp duty would be Rs 1,15,500 and the registration fee would be Rs 33,000, totaling Rs 1,48,500.

Which office registers properties in Muthamil Street?

The Tambaram Joint 1 Sub Registrar Office is responsible for registering properties in Muthamil Street, located at No.26, MES Road, East Tambaram, Chennai-600059.