Guideline Value for Muthulakshmi Street

Muthulakshmi Street guideline value

The current guideline value of Muthulakshmi Street in Saligramam village, under the Virugambakkam SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - I land classification.

How the guideline value of Muthulakshmi Street has changed

The guideline value for Muthulakshmi Street has undergone several revisions over the years. In the 2002 revision, the value was Rs 944 per sq.ft. This increased to Rs 1,031 per sq.ft in 2003, marking a 9% rise. The value further increased to Rs 1,100 per sq.ft in the 2007 revision, reflecting a 7% change. The 2012 revision saw a significant increase to Rs 4,000 per sq.ft, which was a 264% jump from the previous figure.

In the 2017 revision, the guideline value decreased to Rs 2,680 per sq.ft, a drop of 33%. However, from 2017 to 2023, the value rose sharply to Rs 4,000 per sq.ft, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 4,400 per sq.ft, a 10% increase from the previous year.

Guideline values in Saligramam

Saligramam village has a total of 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 in this area is Rs 4,400 per sq.ft, which is equal to the current value of Muthulakshmi Street.

• Muthukumarappa Road: Rs 9,900 per sq.ft (2024)
• Muthukumaran Street: Rs 7,150 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 Muthulakshmi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. 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 details.

Which Sub Registrar Office covers Muthulakshmi Street?

The Sub Registrar Office covering Muthulakshmi Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

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

The guideline value is a crucial factor when buying or selling property in Saligramam. It determines the minimum price at which a property can be registered and is used to calculate the stamp duty and registration fees applicable to the transaction.

When a property is sold, the guideline value serves as a benchmark to ensure that the sale price is not undervalued. Buyers and sellers must be aware of the current guideline value to ensure compliance with registration requirements.

Frequently asked questions

What is the current guideline value of Muthulakshmi Street?

The current guideline value of Muthulakshmi Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 944 per sq.ft in 2002 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 366% over the years.

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

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000.

Where is the Sub Registrar Office for Muthulakshmi Street located?

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

What is the land classification for Muthulakshmi Street?

Muthulakshmi Street falls under the Residential Class II Type - I land classification.