Guideline Value for Muthulakshmi Nagar Sarathambal street

Muthulakshmi Nagar Sarathambal street guideline value

The current guideline value of Muthulakshmi Nagar Sarathambal street is Rs 3,850 per sq.ft, effective from 1 July 2024. This street is located in Chitlapakkam village, under the Tambaram Joint 1 SRO, and is classified as Residential Special Type - II.

How the guideline value of Muthulakshmi Nagar Sarathambal street has changed

The guideline value has undergone several revisions over the years. The 2012 revision set the value at Rs 3,500 per sq.ft, which was later revised to Rs 2,345 per sq.ft in 2017. This marked a decrease of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 3,500 per sq.ft. The most recent revision in 2024 has increased the value further to Rs 3,850 per sq.ft, reflecting a 10% rise from the previous year.

There are no figures available for the revisions in 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 10%.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO, with guideline values ranging from Rs 1,100 to Rs 8,800 per sq.ft. The median guideline value is Rs 1,650 per sq.ft, placing Muthulakshmi Nagar Sarathambal street's 2024 figure above this median.

• Muthulakshmi Nagar Ext: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Street: Rs 2,750 per sq.ft (2024)
• Muthulakshmi Nagar: Rs 3,850 per sq.ft (2024)
• Muththalamman Koil Street: Rs 2,750 per sq.ft (2024)
• Muthamil Street: Rs 1,650 per sq.ft (2024)
• Muthumarriamman Koil Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Muthulakshmi Nagar Sarathambal street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,850 per sq.ft, the total guideline value would be Rs 38,50,000. The stamp duty at 7% would amount to Rs 2,69,500, and the registration fee at 2% would be Rs 77,000, bringing the total to Rs 3,46,500. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthulakshmi Nagar Sarathambal street?

The Muthulakshmi Nagar Sarathambal street is covered by the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is essential during the registration process of property transactions in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value influences the stamp duty and registration fees, which are calculated based on this value or the sale price, whichever is higher. This ensures that all transactions are conducted fairly and in accordance with the established regulations.

Frequently asked questions

What is the current guideline value of Muthulakshmi Nagar Sarathambal street?

The current guideline value of Muthulakshmi Nagar Sarathambal street is Rs 3,850 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 3,500 per sq.ft in 2023 to Rs 3,850 per sq.ft in 2024, marking a 10% increase. It was Rs 2,345 per sq.ft in 2017, showing a 49% increase from that year to 2023.

What is the land classification of Muthulakshmi Nagar Sarathambal street?

Muthulakshmi Nagar Sarathambal street is classified as Residential Special Type - II, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office covering Muthulakshmi Nagar Sarathambal street is the Tambaram Joint 1 SRO, located at No.26, Mes Road, East Tambaram, Chennai-600059.

What is the stamp duty rate in Tamil Nadu?

The stamp duty rate in Tamil Nadu is generally 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.