Guideline Value for Muthukalathi Street

Muthukalathi Street guideline value

The current guideline value of Muthukalathi Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Triplicane village and falls under the Triplicane SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Muthukalathi Street has changed

Over the years, the guideline value of Muthukalathi Street has seen significant changes. The earliest recorded figure is from 2007, where the value was Rs 945 per sq.ft. This increased dramatically to Rs 6,000 per sq.ft in 2012, marking a rise of 535%. However, it then decreased to Rs 4,020 per sq.ft in 2017, a decline of 33%. Following this, the value surged to Rs 6,000 per sq.ft in 2023, and then to the current figure of Rs 6,600 per sq.ft in 2024, reflecting a 10% increase.

There are no recorded figures for Muthukalathi Street in the years 2002 and 2003. The overall increase from the 2007 revision to the 2024 revision stands at 598%, showcasing a significant upward trajectory in the guideline value over the years.

Guideline values in Triplicane

In Triplicane, there are 415 streets under the Triplicane SRO that carry a guideline value for 2024, ranging from Rs 2,700 to Rs 20,900 per sq.ft. The median guideline value is Rs 6,600 per sq.ft, which is equal to the current guideline value of Muthukalathi Street.

• Nagappa Iyer Street (mayor Chittibabu Street): Rs 8,800 per sq.ft (2024)
• Nagoji Street: Rs 6,600 per sq.ft (2024)
• Musafar Jung Bahadur Street: Rs 6,600 per sq.ft (2024)
• Nair Iyya Pillai Street: Rs 6,600 per sq.ft (2024)
• Nair Varadha Pillai Street: Rs 6,600 per sq.ft (2024)
• Nallathambi Chetty Street Chennai-2: Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Muthukalathi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total to Rs 5,94,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthukalathi Street?

The Sub Registrar Office that covers Muthukalathi Street is the Triplicane Sub Registrar Office, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014. You can find your SRO for more information.

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

The guideline value is a critical factor when buying or selling property in Triplicane. It serves as a benchmark for determining the stamp duty and registration fees applicable during the registration process. The value ensures that the transaction is recorded accurately in the official records.

When a property is sold, the guideline value is used to calculate the applicable duties, which are charged on the higher of the guideline value or the sale price. This helps maintain transparency and fairness in property transactions.

Frequently asked questions

What is the current guideline value of Muthukalathi Street?

The current guideline value of Muthukalathi Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 945 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 598% over this period.

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

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For a property valued at Rs 66,00,000, the total fees would amount to Rs 5,94,000.

Which Sub Registrar Office covers Muthukalathi Street?

The Triplicane Sub Registrar Office covers Muthukalathi Street, located at No.182 Bharati Salai (pycrafts Road) Royapettah, Chennai-600014.

What is the land classification for Muthukalathi Street?

Muthukalathi Street is classified as Residential Class I Type - I, which indicates its suitability for residential purposes.