Guideline Value for Muthugramani Street

Muthugramani Street guideline value

The current guideline value of Muthugramani Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Vepery village under the Periamet SRO, classified as Residential Class II Type - I.

How the guideline value of Muthugramani Street has changed

Over the years, the guideline value of Muthugramani Street has undergone several revisions. The guideline value was Rs 1,000 per sq.ft in 2007, which increased significantly to Rs 5,500 per sq.ft in 2012. However, it saw a decrease to Rs 3,685 per sq.ft in 2017. The value then rose to Rs 5,500 per sq.ft in 2023 and has further increased to Rs 6,000 per sq.ft in 2024, marking a 9% increase from the previous year.

In summary, the changes between revisions are notable. From 2007 to 2012, there was a substantial increase of 450%, followed by a decrease of 33% from 2012 to 2017. The value then rose by 49% from 2017 to 2023, and overall, there has been a remarkable increase of 500% from 2007 to 2024. The register has no figure for Muthugramani Street for the years 2002 and 2003.

Guideline values in Vepery

In Vepery village, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft, with a median value of Rs 4,800 per sq.ft. Muthugramani Street's 2024 guideline value is above this median.

• Nabhikhan Subedhar Street: Rs 6,000 per sq.ft (2024)
• Nagathamman Koil: Rs 2,700 per sq.ft (2024)
• Munusamy Street: Rs 4,800 per sq.ft (2024)
• Narayanan Street: Rs 4,800 per sq.ft (2024)
• Mothilal Street: Rs 2,700 per sq.ft (2024)
• Mothilal Nehru Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Muthugramani Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be 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 cost for these 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 details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthugramani Street?

The Sub Registrar Office that covers Muthugramani Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Vepery. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees payable at the time of registration. It serves as a benchmark for the minimum value at which a property can be registered.

Buyers and sellers should be aware that the guideline value is updated periodically, and it is essential to check the latest figures to ensure compliance with the registration requirements. This value is particularly important as it can affect the overall cost of purchasing a property.

Frequently asked questions

What is the current guideline value of Muthugramani Street?

The current guideline value of Muthugramani 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 increased significantly from Rs 1,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, marking an overall increase of 500%.

What is the land classification for Muthugramani Street?

Muthugramani Street is classified as Residential Class II Type - I, indicating its suitability for residential development.

Where can I find the Periamet Sub Registrar Office?

The Periamet Sub Registrar Office is located at 1103, Poonamallee High Road, Chennai-600 003. This office handles the registration of properties in the area.

How is stamp duty calculated for properties on Muthugramani Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 60,00,000 would incur a stamp duty of Rs 4,20,000 at 7%.