Guideline Value for Muthu Mariammn Koil Street

Muthu Mariammn Koil Street guideline value

The current guideline value of Muthu Mariammn Koil Street is Rs 1,700 per sq.ft, effective from 1 July 2024. This street is located in Neelankarai village, under the Neelankarai SRO, and is classified as Residential Class III Type - I.

How the guideline value of Muthu Mariammn Koil Street has changed

The guideline value for Muthu Mariammn Koil Street has undergone several revisions over the years. In 2002, the guideline value was Rs 147 per sq.ft, which increased to Rs 160 per sq.ft in 2003. Following this, there was a significant rise to Rs 700 per sq.ft in 2007, and it further increased to Rs 1,500 per sq.ft in 2012. However, in 2017, the value dropped to Rs 1,005 per sq.ft before climbing to Rs 1,500 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 1,700 per sq.ft.

Examining the changes between these revisions, we see that from 2002 to 2024, the overall increase is a remarkable 1,056%. The change from 2023 to 2024 reflects a 13% increase, while the period from 2017 to 2023 shows a 49% rise. Notably, the value decreased by 33% from 2012 to 2017, and there was a substantial increase of 114% from 2007 to 2012. The rise from 2003 to 2007 was 338%, and from 2002 to 2003, it was 9%.

Guideline values in Neelankarai

In Neelankarai, there are 377 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,500 per sq.ft. The median guideline value in this area is Rs 2,200 per sq.ft, placing Muthu Mariammn Koil Street's 2024 figure below that median.

• Muthu Mariammn Koil 3rd Street: Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil 2nd Street: Rs 1,700 per sq.ft (2024)
• Muthu Mariammn Koil 1st Street: Rs 1,700 per sq.ft (2024)
• Nadu Theru (Kuppam): Rs 1,700 per sq.ft (2024)
• Muthalamman Koil Street: Rs 1,700 per sq.ft (2024)
• Murali Avenue: Rs 1,700 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Mariammn Koil Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,700 per sq.ft, the total guideline value amounts to Rs 17,00,000. The stamp duty at 7% would be Rs 1,19,000, and the registration fee at 2% would be Rs 34,000, bringing the total fees together to Rs 1,53,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Muthu Mariammn Koil Street?

The Sub Registrar Office that covers Muthu Mariammn Koil Street is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Neelankarai, as it determines the amount of stamp duty and registration fees payable. It serves as a benchmark for the value of property transactions and is used by the Registration Department to assess the fees associated with property transfers.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the actual sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, reflecting the value of the property in the market.

Frequently asked questions

What is the current guideline value of Muthu Mariammn Koil Street?

The current guideline value of Muthu Mariammn Koil Street is Rs 1,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased significantly from Rs 147 per sq.ft in 2002 to Rs 1,700 per sq.ft in 2024, marking an overall increase of 1,056% over the years.

What are the stamp duty and registration fees for property transactions?

For a property valued at Rs 17,00,000, the stamp duty is Rs 1,19,000 and the registration fee is Rs 34,000, totaling Rs 1,53,000.

Which office handles registrations for Muthu Mariammn Koil Street?

The Neelankarai Sub Registrar Office handles registrations for Muthu Mariammn Koil Street, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.

What is the land classification of Muthu Mariammn Koil Street?

Muthu Mariammn Koil Street is classified as Residential Class III Type - I, indicating its suitability for residential purposes.