Guideline Value for Muthuvel Street

Muthuvel Street guideline value

The current guideline value of Muthuvel Street, located in Kodambakkam village under the Ashok Nagar SRO, is Rs 6,600 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class II Type - II land classification.

How the guideline value of Muthuvel Street has changed

The guideline value for Muthuvel Street has seen several revisions over the years. The 2007 revision set the value at Rs 1,460 per sq.ft, which increased significantly to Rs 6,000 per sq.ft in 2012. However, the value then decreased to Rs 4,020 per sq.ft in 2017 before rising to Rs 6,000 per sq.ft again in 2023. The latest revision in 2024 sets the value at Rs 6,600 per sq.ft, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the 2024 revision, the guideline value has increased by 352%. It is important to note that there are no figures available for Muthuvel Street in the revisions for the years 2002 and 2003.

Guideline values in Kodambakkam

In Kodambakkam, there are 1,031 streets under the Ashok Nagar SRO, with guideline values ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 4,900 per sq.ft, placing Muthuvel Street's 2024 figure above the median.

• Muthurangam Pillai Street Block 78: Rs 3,300 per sq.ft (2024)
• Muthuramalinga Devar Street: Rs 2,200 per sq.ft (2024)
• Muthuramalinga Devar 1st Street: Rs 2,200 per sq.ft (2024)
• Muthumariyamman Koil Street: Rs 3,300 per sq.ft (2024)
• Muthu Mariamman Koil Street Block 78: Rs 3,300 per sq.ft (2024)
• Nagappan Lane: Rs 4,100 per sq.ft (2024)

Stamp duty and registration fee for property in Muthuvel Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value amounts to Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, while the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Muthuvel Street?

The Sub Registrar Office that covers Muthuvel Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur EB Office. You can find your SRO for further assistance.

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

The guideline value is crucial in the registration process of property transactions in Kodambakkam. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property sales.

When purchasing or selling property, the guideline value helps in determining the official value of the property, which can affect the overall transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with local regulations and to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Muthuvel Street?

The current guideline value of Muthuvel Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,460 per sq.ft in 2007 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 352% over the years.

What is the land classification for Muthuvel Street?

Muthuvel Street is classified under Residential Class II Type - II, which indicates its suitability for residential development.

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

For a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 and the registration fee would be Rs 1,32,000, totaling Rs 5,94,000.

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

The Sub Registrar Office for Muthuvel Street is the Ashok Nagar Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.