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 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 Muthiah Street has changed

The guideline value for Muthiah Street has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 8,700 per sq.ft, an increase of 9% from the 2023 revision, which was Rs 8,000 per sq.ft. The register does not have figures for the revisions in 2002, 2003, 2007, 2012, and 2017.

Prior to the 2024 revision, the last recorded value was Rs 8,000 per sq.ft in 2023. The changes reflect a notable adjustment in the valuation, indicating a shift in the guideline value for this street.

Guideline values in Mylapore Part 2

Mylapore Part 2 has a total of 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, positioning Muthiah Street's 2024 figure below the median.

• 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 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, totaling Rs 7,83,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

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 2

The guideline value is a crucial component during the registration process when buying or selling property in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable duties, ensuring compliance with the regulations set by the Registration Department.

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 in recent years?

The guideline value of Muthiah Street was Rs 8,000 per sq.ft in 2023, which increased to Rs 8,700 per sq.ft in 2024, marking a 9% rise.

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, with Muthiah Street's 2024 figure being below this median.

What are the stamp duty rates for properties in Muthiah Street?

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

Where is the Sub Registrar Office for Muthiah Street located?

The Sub Registrar Office for Muthiah Street is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.