Guideline Value for Muthiah Street

Muthiah Street guideline value

The current guideline value of Muthiah Street is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 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 Muthiah Street has changed

The guideline value for Muthiah Street has undergone several revisions over the years. The register has no figure for this street in 2002, 2003, 2007, 2012, and 2017. In the 2023 revision, the guideline value was set at Rs 8,000 per sq.ft, which increased by 9% to Rs 8,700 per sq.ft in the 2024 revision.

This change reflects a notable increase in the guideline value over the past year. The 2024 figure is below the median guideline value of Rs 8,800 per sq.ft for the 333 streets in Mylapore Part 1 under the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 1

Muthiah Street's guideline value of Rs 8,700 per sq.ft places it within the broader context of Mylapore Part 1, where values range from Rs 4,400 to Rs 25,300 per sq.ft. Here are some other streets in Mylapore Part 1:

• Muthu Lane: Rs 8,700 per sq.ft (2024)
• Muthu Street: Rs 8,700 per sq.ft (2024)
• Muthaiah Pillai Street: Rs 8,700 per sq.ft (2024)
• Muthaiah Mudali Street: Rs 8,700 per sq.ft (2024)
• Nallan Street: Rs 8,700 per sq.ft (2024)
• Murrays Gate Road: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthiah 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, together totaling 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.

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

Which Sub Registrar Office covers Muthiah Street?

The Sub Registrar Office that covers Muthiah 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 1

The guideline value is a critical factor during the registration process of property transactions in Mylapore Part 1. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that both buyers and sellers are aware of the official value assigned to the property.

When a property is sold, the guideline value is used to calculate the stamp duty, which is charged at a percentage of the guideline value or the sale price, whichever is higher. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Muthiah Street?

The current guideline value of Muthiah 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 for Muthiah Street has changed from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, reflecting a 9% increase. The register has no figure for this street in the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Muthiah Street?

The land classification for Muthiah Street is Residential Class I Type - III, indicating its designation for residential use within the area.

What are the registration fees for properties on Muthiah Street?

The registration fees for properties on Muthiah Street include a stamp duty of 7% and a registration fee of 2% based on the guideline value or the sale price, whichever is higher.

Where is the Sub Registrar Office for Muthiah Street located?

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