Guideline Value for Muthiyal Reddy Street

Muthiyal Reddy Street guideline value

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

How the guideline value of Muthiyal Reddy Street has changed

The guideline value for Muthiyal Reddy Street has seen several revisions 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 significantly to Rs 900 per sq.ft in 2007, followed by a substantial jump to Rs 3,500 per sq.ft in 2012. However, it dropped to Rs 2,345 per sq.ft in 2017 before increasing again 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.

Between the revisions, there were notable changes. From 2002 to 2003, the increase was +14%. The value rose by +138% from 2003 to 2007. The jump from 2007 to 2012 was +289%, but the value fell by -33% from 2012 to 2017. The increase from 2017 to 2023 was +49%, and the final change from 2023 to 2024 was +11%. Overall, from 2002 to 2024, the guideline value has increased by +1078%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value, ranging 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 equal to the guideline value of Muthiyal Reddy Street.

• Muthiyal Reddy 1st 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 Street

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. Together, the total cost for stamp duty and registration would be Rs 3,51,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthiyal Reddy Street?

The Sub Registrar Office that covers Muthiyal Reddy Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. For further details, you can find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Adambakkam. It is used to determine the stamp duty and registration fees that need to be paid at the time of registration. The fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to be aware of the current guideline value as it directly impacts the overall cost of the transaction. Buyers and sellers should ensure they are informed about the latest revisions to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Muthiyal Reddy Street?

The current guideline value of Muthiyal Reddy 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 from Rs 331 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, reflecting an overall increase of +1078% over the years.

What are the stamp duty and registration fees for a property in Muthiyal Reddy Street?

For a 1,000 sq.ft property, the total guideline value would be Rs 39,00,000, leading to a stamp duty of Rs 2,73,000 and a registration fee of Rs 78,000, totaling Rs 3,51,000.

Which Sub Registrar Office handles Muthiyal Reddy Street?

The Alandur Sub Registrar Office located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061, handles Muthiyal Reddy Street.

What is the significance of the guideline value in property transactions?

The guideline value is used to calculate the stamp duty and registration fees during property transactions. It is essential for buyers and sellers to be aware of the current guideline value to ensure accurate fee calculations.