Guideline Value for Muthu Naicken Street

Muthu Naicken Street guideline value

The current guideline value for Muthu Naicken Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Special Type - I.

How the guideline value of Muthu Naicken Street has changed

The guideline value for Muthu Naicken Street has seen several revisions over the years. In 2003, the guideline value was Rs 1,286 per sq.ft. This increased to Rs 2,000 per sq.ft in 2007, marking a 56% rise. The value then rose significantly to Rs 5,500 per sq.ft in 2012, reflecting a 175% increase. However, it dropped to Rs 3,685 per sq.ft in 2017, a decrease of 33%. The guideline value then climbed to Rs 5,500 per sq.ft in 2023, before reaching the current rate of Rs 6,000 per sq.ft in 2024, which is a 9% increase from the previous year.

There is no figure available for Muthu Naicken Street in the 2002 revision. Overall, the guideline value has increased by 367% from Rs 1,286 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024.

Guideline values in Muthiyalpet

In Muthiyalpet village, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in the village is Rs 4,400 per sq.ft, placing Muthu Naicken Street's 2024 figure above this median.

• Muthusha Maistry Street: Rs 3,800 per sq.ft (2024)
• Muthu Krishnan Street: Rs 4,900 per sq.ft (2024)
• Nagamani Garden Street: Rs 4,400 per sq.ft (2024)
• Nainiappa Maistry Lane: Rs 4,400 per sq.ft (2024)
• Nainiappa Maistry Street: Rs 6,000 per sq.ft (2024)
• Nainiappa Mudali Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total fees to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Muthu Naicken Street?

The Sub Registrar Office that covers Muthu Naicken Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of a property.

Frequently asked questions

What is the current guideline value of Muthu Naicken Street?

The current guideline value of Muthu Naicken Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,286 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 367% over the years.

What is the land classification of Muthu Naicken Street?

Muthu Naicken Street is classified as Residential Special Type - I, indicating its suitability for residential purposes.

What are the stamp duty and registration fees for properties in Muthu Naicken Street?

For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000, and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000.

Which office handles registrations for Muthu Naicken Street?

The Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, handles registrations for Muthu Naicken Street.