Guideline Value for Muthusha Maistry Street

Muthusha Maistry Street guideline value

The current guideline value of Muthusha Maistry Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Muthusha Maistry Street has changed

The guideline value for Muthusha Maistry Street has seen several revisions over the years. In 2003, the value was Rs 804 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007. Following this, the value surged to Rs 3,500 per sq.ft in 2012, but then dropped to Rs 2,345 per sq.ft in 2017. The 2023 revision set the value at Rs 3,500 per sq.ft, and the most recent revision in 2024 has raised it to Rs 3,800 per sq.ft. The register has no figure for the year 2002.

Looking at the changes, from 2003 to 2007, the value increased by 24%. However, from 2007 to 2012, there was a significant decline of 33%. The value then rose by 49% from 2017 to 2023, and the latest revision from 2023 to 2024 shows an increase of 9%. Overall, from 2003 to 2024, the guideline value has increased by 373%.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, placing Muthusha Maistry Street's 2024 figure below that median.

• Muthu Naicken Street: Rs 6,000 per sq.ft (2024)
• Nagamani Garden Street: Rs 4,400 per sq.ft (2024)
• Muthu Krishnan Street: Rs 4,900 per sq.ft (2024)
• Nainiappa Maistry Lane: Rs 4,400 per sq.ft (2024)
• Nainiappa Maistry Street: Rs 6,000 per sq.ft (2024)
• Nainiappa Mudali Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Muthusha Maistry Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, bringing the total fees to Rs 3,42,000. Please note that the duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthusha Maistry Street?

The Sub Registrar Office that covers Muthusha Maistry Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process for property transactions in Muthiyalpet. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property registration.

When buying or selling property, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and tax purposes. Buyers and sellers should be aware of the current guideline value to understand their financial obligations during the registration process.

Frequently asked questions

What is the current guideline value of Muthusha Maistry Street?

The current guideline value of Muthusha Maistry Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, starting from Rs 804 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 373% over the years.

What is the median guideline value in Muthiyalpet?

The median guideline value for streets in Muthiyalpet is Rs 4,400 per sq.ft, which is higher than the current value of Muthusha Maistry Street.

What are the stamp duty and registration fees for property in Muthusha Maistry Street?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000, and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Where is the Sub Registrar Office for Muthusha Maistry Street located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01, and it handles registrations for Muthusha Maistry Street.