Guideline Value for Muthumari street

Muthumari street guideline value

The current guideline value of Muthumari street is Rs 5,500 per sq.ft. This street is located in Muthialpet village, under the Chennai North Joint I SRO, and is classified as Residential Class II Type - I.

How the guideline value of Muthumari street has changed

The guideline value for Muthumari street has undergone several revisions over the years. In the 2007 revision, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 5,000 per sq.ft in the 2012 revision, marking a 150% increase. However, it then decreased to Rs 3,350 per sq.ft in the 2017 revision, a decline of 33%. The value rose again to Rs 5,000 per sq.ft in the 2023 revision, and currently stands at Rs 5,500 per sq.ft from the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 175%.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value is Rs 5,500 per sq.ft, which is the same as the current guideline value for Muthumari street.

• Naniappan street: Rs 5,500 per sq.ft (2024)
• Narayanappa street: Rs 7,100 per sq.ft (2024)
• Narayana Sarang gardern 1st lane: Rs 4,900 per sq.ft (2024)
• Narayana Sarang gardern 2nd lane: Rs 4,900 per sq.ft (2024)
• Narayana Sarang gardern street (godown street): Rs 4,900 per sq.ft (2024)
• Moottaikaran street: Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Muthumari street

For a 1,000 sq.ft plot at the current rate of Rs 5,500 per sq.ft, the guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthumari street?

The Sub Registrar Office that covers Muthumari street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Muthialpet. It serves as a benchmark for the value of the property, ensuring that the transaction is recorded accurately in the official registry.

When a property transaction occurs, the guideline value is used to calculate the applicable stamp duty and registration fees, which are mandatory for all property registrations. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the transaction.

Frequently asked questions

What is the current guideline value of Muthumari street?

The current guideline value of Muthumari street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 175% over the years.

What is the registration office for Muthumari street?

The registration office for Muthumari street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

How is stamp duty calculated for properties in Muthumari street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot valued at Rs 55,00,000, the stamp duty would be calculated at 7% of that amount.

What are the other streets in Muthialpet with similar guideline values?

Other streets in Muthialpet include Naniappan street and Narayanappa street, both of which have guideline values of Rs 5,500 per sq.ft and Rs 7,100 per sq.ft respectively in 2024.