Guideline Value for Muthukrishna Main Road

Muthukrishna Main Road guideline value

The current guideline value of Muthukrishna Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024. This road is located in Ramapuram village and falls under the Chennai South Joint II SRO, classified as Residential Class II Type - II.

How the guideline value of Muthukrishna Main Road has changed

The guideline value for Muthukrishna Main Road has seen several revisions over the years. The earliest recorded revision was in 2012, where the value was Rs 2,500 per sq.ft. This figure remained unchanged until the next revision in 2017, which saw a decrease to Rs 1,675 per sq.ft. Following that, the value increased significantly to Rs 2,500 per sq.ft in 2023, and reached Rs 2,750 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

In summary, the changes between the revisions show a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, and an overall increase of 10% from 2012 to 2024. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Ramapuram

In Ramapuram, there are 394 streets under the Chennai South Joint II SRO that carry a 2024 guideline value ranging from Rs 1,950 to Rs 6,600 per sq.ft. The median value for these streets is Rs 3,100 per sq.ft, placing Muthukrishna Main Road's 2024 guideline value below that median.

• Naidu 2nd lane: Rs 3,100 per sq.ft (2024)
• Naidu Street (A) Palaiyakarath Street: Rs 3,100 per sq.ft (2024)
• Mullai Street: Rs 3,850 per sq.ft (2024)
• Narashimha Perumal Koil Street And Cross Street: Rs 2,750 per sq.ft (2024)
• Narasimhan Nagar: Rs 1,950 per sq.ft (2024)
• Mullai Nagar 2nd Main Road: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Muthukrishna Main Road

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Muthukrishna Main Road?

The Sub Registrar Office that covers Muthukrishna Main Road is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Ramapuram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, it's essential to be aware of the guideline value, as it can affect the overall cost of the transaction. Buyers should ensure that the sale price is not lower than the guideline value to avoid any legal issues during registration.

Frequently asked questions

What is the current guideline value of Muthukrishna Main Road?

The current guideline value of Muthukrishna Main Road is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What is the land classification for Muthukrishna Main Road?

Muthukrishna Main Road is classified as Residential Class II Type - II under the Chennai South Joint II SRO.

What is the median guideline value for streets in Ramapuram?

The median guideline value for streets in Ramapuram is Rs 3,100 per sq.ft, which is higher than the current value of Muthukrishna Main Road.

Where can I find the Sub Registrar Office for Muthukrishna Main Road?

The Sub Registrar Office for Muthukrishna Main Road is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.