Guideline Value for Muthulakshmi Street

Muthulakshmi Street guideline value

The current guideline value of Muthulakshmi Street in Chitlapakkam village is Rs 2,750 per sq.ft, effective from 1 July 2024. This street falls under the Tambaram Joint 1 SRO and is classified as Residential Class I Type - II.

How the guideline value of Muthulakshmi Street has changed

The guideline value for Muthulakshmi Street has undergone several revisions over the years. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 2,500 per sq.ft, and the most recent 2024 revision has raised it to Rs 2,750 per sq.ft. There are no figures available for the years 2002, 2003, and 2007 in the register for this street.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a significant increase of 49%. The overall change from 2012 to 2024 reflects a 10% increase, indicating a gradual rise in the guideline value over the years.

Guideline values in Chitlapakkam

In Chitlapakkam, there are 548 streets under the Tambaram Joint 1 SRO carrying a 2024 guideline value 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 Street's 2024 value above this median.

• Muthulakshmi Nagar Sarathambal street: Rs 3,850 per sq.ft (2024)
• muthulakshmi Nagar Ext: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be 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, making the total cost for these fees Rs 2,47,500. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher.

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

Which Sub Registrar Office covers Muthulakshmi Street?

The Sub Registrar Office that covers Muthulakshmi Street is 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Chitlapakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that transactions are conducted transparently and fairly.

When a buyer approaches the registration office, the guideline value will influence the stamp duty and registration fees applicable to the transaction. This ensures that both the buyer and seller are aware of the financial obligations associated with the property transfer.

Frequently asked questions

What is the current guideline value of Muthulakshmi Street?

The current guideline value of Muthulakshmi Street 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 back 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 of Muthulakshmi Street?

Muthulakshmi Street is classified as Residential Class I Type - II.

Where can I find the Sub Registrar Office for Muthulakshmi Street?

The Sub Registrar Office for Muthulakshmi Street is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

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

The stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current guideline value has a total fee of Rs 2,47,500, including stamp duty and registration fees.