Guideline Value for Muthu Street

Muthu Street guideline value

The current guideline value of Muthu Street in Mylapore Part 2 village is Rs 8,700 per sq.ft, effective from 1 July 2024. This street falls under the Chennai Central Joint I SRO and is classified as Residential Class I Type - III.

How the guideline value of Muthu Street has changed

In the 2023 revision, the guideline value for Muthu Street was Rs 8,000 per sq.ft. With the 2024 revision, this value has increased by 9%, bringing it to Rs 8,700 per sq.ft. The register has no figure for Muthu Street for the years 2002, 2003, 2007, 2012, and 2017.

This change from Rs 8,000 to Rs 8,700 reflects a notable adjustment in the guideline value. The increase indicates a shift in the valuation of properties in this area, aligning with the overall trends observed in the Chennai Central Joint I SRO.

Guideline values in Mylapore Part 2

Mylapore Part 2 comprises 332 streets under the Chennai Central Joint I SRO, with guideline values ranging from Rs 4,400 to Rs 25,300 per sq.ft. The median guideline value for this area is Rs 8,800 per sq.ft, placing Muthu Street's 2024 figure below this median.

• Muthu Lane: Rs 8,700 per sq.ft (2024)
• Muthiah 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)
• Nandanam Colony 1st Street: Rs 14,300 per sq.ft (2024)
• Nandanam Colony 2nd Cross Street: Rs 14,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Street

For a 1,000 sq.ft plot at the current guideline value of Rs 8,700 per sq.ft, the total guideline value amounts to Rs 87,00,000. The stamp duty charged at 7% would be Rs 6,09,000, and the registration fee at 2% would be Rs 1,74,000, totaling 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthu Street?

The Sub Registrar Office that covers Muthu Street 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 further assistance.

How the guideline value is used when you buy or sell in Mylapore Part 2

The guideline value is a crucial factor in the registration process when buying or selling property in Mylapore Part 2. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Muthu Street?

The current guideline value of Muthu Street is Rs 8,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed recently?

The guideline value for Muthu Street increased from Rs 8,000 per sq.ft in 2023 to Rs 8,700 per sq.ft in 2024, representing a 9% increase.

What is the land classification of Muthu Street?

Muthu Street is classified as Residential Class I Type - III under the Chennai Central Joint I SRO.

Where can I find the Sub Registrar Office for Muthu Street?

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

How is the stamp duty calculated for properties in Muthu Street?

Stamp duty for properties in Muthu Street is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 87,00,000 would incur a stamp duty of Rs 6,09,000 at 7%.