Guideline Value for Muthumariamman Street

Muthumariamman Street guideline value

The current guideline value of Muthumariamman Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Valasaravakkam village under the Virugambakkam SRO and is classified as Residential Class I Type - I.

How the guideline value of Muthumariamman Street has changed

Since its first recorded figure, the guideline value of Muthumariamman Street has undergone several revisions. In 2002, the value was Rs 624 per sq.ft, which increased to Rs 679 per sq.ft in 2003, marking a 9% rise. The value continued to rise, reaching Rs 750 per sq.ft in 2007, an increase of 10%. By 2012, the value surged to Rs 4,500 per sq.ft, reflecting a significant 500% increase.

However, the following revision in 2017 saw a decrease to Rs 3,015 per sq.ft, a drop of 33%. The most recent revision in 2024 brought the value back up to Rs 4,950 per sq.ft, representing a 64% increase from the 2017 figure. Notably, there is no guideline value figure recorded for 2023 for this street.

Guideline values in Valasaravakkam

In Valasaravakkam, there are 774 streets under the Virugambakkam SRO, with guideline values ranging from Rs 2,750 to Rs 8,800 per sq.ft. The median guideline value for these streets is Rs 3,850 per sq.ft, placing Muthumariamman Street's 2024 figure above this median.

• Muthumari Amman Koil Street (Janaki Nagar Extn): Rs 4,950 per sq.ft (2024)
• Nagarathinammal Street: Rs 4,950 per sq.ft (2024)
• Nageeran Street: Rs 4,950 per sq.ft (2024)
• Nagireddy Street: Rs 4,400 per sq.ft (2024)
• Nagireddy Street Cross Street: Rs 4,400 per sq.ft (2024)
• Muralikrishna Nagar Main Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in Muthumariamman Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value would be Rs 49,50,000. The stamp duty at 7% would amount to Rs 3,46,500, and the registration fee at 2% would be Rs 99,000, totaling Rs 4,45,500. It is important to note that the 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 Muthumariamman Street?

The Sub Registrar Office covering Muthumariamman 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 Valasaravakkam

The guideline value is a crucial factor during the registration of property transactions in Valasaravakkam. 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 helps calculate the applicable stamp duty and registration fees. Buyers must be aware that these fees are based on the higher of the guideline value or the actual sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Muthumariamman Street?

The current guideline value of Muthumariamman Street is Rs 4,950 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 624 per sq.ft in 2002 to Rs 4,950 per sq.ft in 2024, marking an overall increase of 693% over the years.

What is the land classification for Muthumariamman Street?

Muthumariamman Street is classified as Residential Class I Type - I, indicating its suitability for residential purposes.

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

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

How is stamp duty calculated for properties in Valasaravakkam?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 49,50,000, the stamp duty would be Rs 3,46,500 at a rate of 7%.