Guideline Value for Muthu Lane

Muthu Lane guideline value

The current guideline value of Muthu Lane is Rs 8,700 per sq.ft, effective from 1 July 2024. This street is located in Mylapore Part 1 village, under the Chennai Central Joint I SRO. The land classification for this area is Residential Class I Type - III.

How the guideline value of Muthu Lane has changed

The guideline value for Muthu Lane has undergone several revisions over the years. The most recent revision in 2024 set the value at Rs 8,700 per sq.ft, which is an increase from Rs 8,000 per sq.ft in 2023, marking a change of +9%. Prior to 2023, the register has no figure for this street for the years 2017, 2012, 2007, 2003, and 2002.

In summary, the guideline values for the available revisions are Rs 8,000 per sq.ft in 2023 and Rs 8,700 per sq.ft in 2024. The absence of figures for earlier years indicates that there have been no recorded changes for Muthu Lane in those revisions.

Guideline values in Mylapore Part 1

In Mylapore Part 1, there are 333 streets under the Chennai Central Joint I SRO that carry a 2024 guideline value ranging from Rs 4,400 to Rs 25,300 per sq.ft, with a median value of Rs 8,800 per sq.ft. Muthu Lane's 2024 figure is below this median.

• Muthiah Street: 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)
• Nandanam Colony 1st Cross Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value would be Rs 87,00,000. The stamp duty at 7% would amount to Rs 6,09,000, while the registration fee at 2% would be Rs 1,74,000, bringing the total cost to Rs 7,83,000. It is important to note that 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 Muthu Lane?

The Sub Registrar Office that covers Muthu Lane 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 details.

How the guideline value is used when you buy or sell in Mylapore Part 1

The guideline value plays a crucial role in the registration process when buying or selling property in Mylapore Part 1. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is assessed to ensure that the appropriate duties are levied. This ensures transparency and consistency in property transactions within the region.

Frequently asked questions

What is the current guideline value of Muthu Lane?

The current guideline value of Muthu Lane 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 Muthu Lane increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, marking a +9% change. There are no recorded figures for the years 2017, 2012, 2007, 2003, and 2002.

What is the land classification for Muthu Lane?

The land classification for Muthu Lane is Residential Class I Type - III. This classification is important for understanding the potential uses of the land.

What are the stamp duty and registration fees for a property in Muthu Lane?

For a property valued at Rs 87,00,000, the stamp duty would be Rs 6,09,000 and the registration fee would be Rs 1,74,000, totaling Rs 7,83,000. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for Muthu Lane?

The Chennai Central Joint I Sub Registrar Office handles registrations for Muthu Lane. It is located at No.182 Bharati Salai (Pycrafts Road), Royapettah, Chennai-600014.