Guideline Value for Muthamji Street

Muthamji Street guideline value

The current guideline value of Muthamji Street in Parangimalai village is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - II.

How the guideline value of Muthamji Street has changed

The guideline value for Muthamji Street has undergone several revisions since 2002. In 2002, the value was Rs 392 per sq.ft, which increased to Rs 490 per sq.ft in 2003. The following revisions saw significant changes, with the value rising to Rs 1,678 per sq.ft in 2007, then to Rs 3,000 per sq.ft in 2012. However, it decreased to Rs 2,010 per sq.ft in 2017 before increasing again to Rs 3,000 per sq.ft in 2023, and finally reaching Rs 3,300 per sq.ft in the 2024 revision.

From 2017 to 2023, there was a notable increase of 49%. The 2023 to 2024 revision saw a 10% increase. The most significant change occurred between 2002 and 2024, where the overall increase was 742%. There are no figures available for revisions in years other than those specified.

Guideline values in Parangimalai

In Parangimalai, there are 233 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 2,750 to Rs 11,000 per sq.ft, with a median value of Rs 3,850 per sq.ft. Muthamji Street's 2024 figure is below this median.

• Muthurangam Mudali Street: Rs 3,850 per sq.ft (2024)
• Mount Poobamallee Road: Rs 7,700 per sq.ft (2024)
• Mosque Street: Rs 3,300 per sq.ft (2024)
• Nasarathpuram: Rs 3,300 per sq.ft (2024)
• Nathat Subedhar Street: Rs 4,400 per sq.ft (2024)
• Mokshin Road: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamji Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty charged at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. Duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthamji Street?

The Sub Registrar Office that covers Muthamji Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Parangimalai. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the duty is charged on the higher of the two. This ensures that the transaction is valued accurately for taxation purposes.

Frequently asked questions

What is the current guideline value of Muthamji Street?

The current guideline value of Muthamji Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 392 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, with various increases and a decrease noted in the revisions.

What is the registration fee for properties in Muthamji Street?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

What is the stamp duty rate for properties in Muthamji Street?

The stamp duty rate for properties in Muthamji Street is 7% of the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Muthamji Street located?

The Sub Registrar Office for Muthamji Street is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.