Guideline Value for Muthiyal Reddy 1st Street

Muthiyal Reddy 1st Street guideline value

The current guideline value of Muthiyal Reddy 1st Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village under the Alandur SRO, classified as Residential Class I Type - III.

How the guideline value of Muthiyal Reddy 1st Street has changed

The guideline value for Muthiyal Reddy 1st Street has seen significant changes over the years. In 2002, the value was Rs 331 per sq.ft, which increased to Rs 378 per sq.ft in 2003. The value then rose to Rs 900 per sq.ft in 2007, followed by a notable jump to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017 before climbing back to Rs 3,500 per sq.ft in 2023. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft.

From 2017 to 2023, the guideline value increased by 49%. The jump from 2023 to 2024 reflects an increase of 11%. Notably, the value experienced a remarkable rise of 289% from 2007 to 2012 and a 138% increase from 2003 to 2007. Overall, the guideline value has increased by 1,078% from 2002 to 2024.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO with a guideline value range from Rs 2,800 to Rs 11,000 per sq.ft. The median value for these streets is Rs 3,900 per sq.ft, which is the same as the current value for Muthiyal Reddy 1st Street.

• Muthiyal Reddy Street: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street 2nd Lane: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street First Lane: Rs 3,900 per sq.ft (2024)
• Muthaiyal Nagar: Rs 3,900 per sq.ft (2024)
• Murugan Nagar/Street: Rs 3,900 per sq.ft (2024)
• Nanganallur Co-operative Housing Society Colony 10th Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in Muthiyal Reddy 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value amounts to Rs 39,00,000. The stamp duty at 7% would be Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, bringing the total charges to Rs 3,51,000. The 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 detailed calculations.

Which Sub Registrar Office covers Muthiyal Reddy 1st Street?

The Sub Registrar Office that covers Muthiyal Reddy 1st Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Adambakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that these fees are based on a standardized value set by the government.

When a property transaction occurs, the guideline value helps in assessing the financial obligations of both the buyer and seller. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Muthiyal Reddy 1st Street?

The current guideline value of Muthiyal Reddy 1st Street is Rs 3,900 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 331 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of 1,078% over the years.

What is the stamp duty rate for properties in Muthiyal Reddy 1st Street?

The stamp duty rate for properties in Muthiyal Reddy 1st Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Muthiyal Reddy 1st Street located?

The Sub Registrar Office for Muthiyal Reddy 1st Street is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the other streets in Adambakkam with the same guideline value?

Other streets in Adambakkam with the same guideline value of Rs 3,900 per sq.ft include Muthiyal Reddy Street, Muthiyal Reddy Street 2nd Lane, Muthiyal Reddy Street First Lane, Muthaiyal Nagar, Murugan Nagar/Street, and Nanganallur Co-operative Housing Society Colony 10th Street.