Guideline Value for Muthuvelar Street

Muthuvelar Street guideline value

The current guideline value of Muthuvelar Street is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Perungalathur village and falls under the Padappai SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Muthuvelar Street has changed

The guideline value for Muthuvelar Street has seen several revisions over the years. In 2007, the value was set at Rs 250 per sq.ft, which increased significantly to Rs 1,800 per sq.ft in 2012. However, this figure then decreased to Rs 1,206 per sq.ft in 2017. Following this, the value rose to Rs 1,800 per sq.ft in 2023 and is now Rs 1,980 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Overall, from the 2007 revision to the current 2024 revision, the guideline value has increased by 692%. It is important to note that the register has no figures for Muthuvelar Street for the years 2002 and 2003.

Guideline values in Perungalathur

In Perungalathur, there are 411 streets listed under the Padappai SRO, with guideline values ranging from Rs 1,320 to Rs 5,500 per sq.ft. The median guideline value in this area is Rs 2,310 per sq.ft, placing Muthuvelar Street's 2024 figure below that median.

• Nadesan Nagar: Rs 3,960 per sq.ft (2024)
• Muthirulandi Street: Rs 1,980 per sq.ft (2024)
• Nammaalvar Street: Rs 1,980 per sq.ft (2024)
• Mudichur Road: Rs 3,960 per sq.ft (2024)
• M.R.Rajamanikkam Street: Rs 1,650 per sq.ft (2024)
• MRK Nagar: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Muthuvelar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, and the registration fee at 2% would be Rs 39,600, bringing the total cost to Rs 1,78,200. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Muthuvelar Street?

The Sub Registrar Office that covers Muthuvelar Street is the Padappai Sub Registrar Office, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai registration zone. To find your specific SRO, you can visit find your SRO.

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

The guideline value is a critical factor when buying or selling property in Perungalathur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers must be aware of the current guideline value to ensure compliance with local regulations and avoid any legal issues.

When a property is sold, the guideline value helps in establishing the minimum price at which the property can be registered. This ensures that the transaction is transparent and that the government receives the appropriate revenue from property sales.

Frequently asked questions

What is the current guideline value of Muthuvelar Street?

The current guideline value of Muthuvelar Street is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 1,980 per sq.ft in 2024, reflecting a total increase of 692% over the years.

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

Other streets in Perungalathur with similar guideline values include Muthirulandi Street and Nammaalvar Street, both at Rs 1,980 per sq.ft in 2024.

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

The stamp duty for a property valued at Rs 19,80,000 would be Rs 1,38,600, and the registration fee would be Rs 39,600, totaling Rs 1,78,200.

Which office handles property registrations for Muthuvelar Street?

The Padappai Sub Registrar Office handles property registrations for Muthuvelar Street, located at 3/158, Pushpagiri Main Rd, Padappai - 601 301, Chennai.