Guideline Value for Muthiyal Reddy Street First Lane

Muthiyal Reddy Street First Lane guideline value

The current guideline value of Muthiyal Reddy Street First Lane is Rs 3,900 per sq.ft. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - III.

How the guideline value of Muthiyal Reddy Street First Lane has changed

The guideline value for Muthiyal Reddy Street First Lane has undergone several revisions over the years. The earliest recorded figure is from 2002, which was Rs 331 per sq.ft. This increased to Rs 378 per sq.ft in 2003, marking a rise of 14%. The value then saw a significant increase to Rs 900 per sq.ft in 2007, an increase of 138%. In 2012, the guideline value reached Rs 3,500 per sq.ft, reflecting a substantial growth of 289%. However, it dropped to Rs 2,345 per sq.ft in 2017, which was a decrease of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, and most recently, it has been revised to Rs 3,900 per sq.ft effective from 1 July 2024, showing an increase of 11% from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,078%. The register has no figures for the revisions in years other than those mentioned.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that have a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median value is Rs 3,900 per sq.ft, which is equal to the guideline value of Muthiyal Reddy Street First Lane for 2024.

• Muthiyal Reddy Street 2nd Lane: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy Street: Rs 3,900 per sq.ft (2024)
• Muthiyal Reddy 1st Street: 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 Street First Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 3,900 per sq.ft, the total guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, making a total of Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator to estimate your costs.

Which Sub Registrar Office covers Muthiyal Reddy Street First Lane?

The Sub Registrar Office that covers Muthiyal Reddy Street First Lane 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 critical factor in the registration process when buying or selling property in Adambakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on the official valuation of the property.

When a property transaction occurs, the buyer and seller must consider the guideline value to determine the applicable fees. This value helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Muthiyal Reddy Street First Lane?

The current guideline value of Muthiyal Reddy Street First Lane 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 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 this period.

What is the land classification for Muthiyal Reddy Street First Lane?

Muthiyal Reddy Street First Lane is classified as Residential Class I Type - III.

Where can I find the registration office for this area?

The registration office for Muthiyal Reddy Street First Lane is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 39,00,000 would incur a stamp duty of Rs 2,73,000 at a rate of 7%.