Guideline Value for Muthukumaran Street

Muthukumaran Street guideline value

The current guideline value of Muthukumaran Street in Saligramam village, under the Virugambakkam SRO, is Rs 7,150 per sq.ft, effective from 1 July 2024. This street falls under the Residential Special Type - I land classification.

How the guideline value of Muthukumaran Street has changed

The guideline value for Muthukumaran Street has seen significant changes over the years. In 2002, the guideline value was Rs 615 per sq.ft, which increased to Rs 672 per sq.ft in 2003, marking a 9% rise. The value then rose by 26% to reach Rs 850 per sq.ft in 2007. Following this, there was a substantial increase of 665%, bringing the value to Rs 6,500 per sq.ft in 2012. However, this figure remained unchanged until 2017, when it dropped by 33% to Rs 4,355 per sq.ft. The guideline value then increased by 49% to Rs 6,500 per sq.ft in 2023, before reaching the current value of Rs 7,150 per sq.ft in 2024, which is a 10% increase from the previous year.

Guideline values in Saligramam

In Saligramam, there are 333 streets under the Virugambakkam SRO, with 2024 guideline values ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Muthukumaran Street's 2024 figure above this median.

• Muthukumarappa Road: Rs 9,900 per sq.ft (2024)
• Muthulakshmi Street: Rs 4,400 per sq.ft (2024)
• Muthuramalinga Street: Rs 5,500 per sq.ft (2024)
• Nadigar Thilagam Shivaji Ganesan Nagar: Rs 3,300 per sq.ft (2024)
• Nagappan Street: Rs 3,300 per sq.ft (2024)
• Nagathamman Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Muthukumaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,150 per sq.ft, the total guideline value amounts to Rs 71,50,000. The stamp duty at 7% would be Rs 5,00,500, and the registration fee at 2% would be Rs 1,43,000, bringing the total to Rs 6,43,500. 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 Muthukumaran Street?

Muthukumaran Street is covered by the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Saligramam. It is used to determine the stamp duty and registration fees, which are calculated based on the guideline value or the sale price, whichever is higher.

When a property is registered, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. Buyers and sellers should be aware of the current guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Muthukumaran Street?

The current guideline value of Muthukumaran Street is Rs 7,150 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 615 per sq.ft in 2002 to Rs 7,150 per sq.ft in 2024, reflecting an overall increase of 1,063% over the years.

What is the land classification for Muthukumaran Street?

Muthukumaran Street is classified as Residential Special Type - I.

Where is the Virugambakkam Sub Registrar Office located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot at the current guideline value, the stamp duty would be Rs 5,00,500.