Guideline Value for Nainiappa Maistry Street

Nainiappa Maistry Street guideline value

The current guideline value of Nainiappa Maistry Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Special Type - I.

How the guideline value of Nainiappa Maistry Street has changed

The guideline value for Nainiappa Maistry Street has seen several revisions over the years. In 2007, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a 175% rise. However, it then dropped to Rs 3,685 per sq.ft in 2017, reflecting a decrease of 33% from the previous revision. The value continued to rise, reaching Rs 5,500 per sq.ft in 2023, which was a 49% increase from 2017.

As of the 2024 revision, the guideline value stands at Rs 6,000 per sq.ft, representing a 9% increase from the previous year. The overall change from 2007 to 2024 is a substantial increase of 200%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that have a guideline value for 2024, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making Nainiappa Maistry Street's 2024 figure above that median.

• Nainiappa Maistry Lane: Rs 4,400 per sq.ft (2024)
• Nainiappa Mudali Street: Rs 6,000 per sq.ft (2024)
• Nainiappa Naicken Street: Rs 8,800 per sq.ft (2024)
• Nallamma Mudali Street: Rs 3,800 per sq.ft (2024)
• Nallanna Mudali Street: Rs 3,800 per sq.ft (2024)
• Nambuliyar Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Nainiappa Maistry Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value would be Rs 60,00,000. The stamp duty at 7% would amount to Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total to Rs 5,40,000. 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 Nainiappa Maistry Street?

The Sub Registrar Office that covers Nainiappa Maistry Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit find your SRO.

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

The guideline value is an essential factor in the registration process when buying or selling property in Muthiyalpet. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded at a fair value.

When registering a property, buyers should be aware that the guideline value may differ from the sale price. The authorities will charge stamp duty based on the higher of the two values, which can affect the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Nainiappa Maistry Street?

The current guideline value of Nainiappa Maistry Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 200% over the years.

What is the stamp duty for property on Nainiappa Maistry Street?

The stamp duty for property on Nainiappa Maistry Street is calculated at 7% of the guideline value or sale price, whichever is higher.

Where is the Sowcarpet Sub Registrar Office located?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What are the other streets in Muthiyalpet and their guideline values?

Other streets in Muthiyalpet include Nainiappa Maistry Lane at Rs 4,400 per sq.ft, Nainiappa Mudali Street at Rs 6,000 per sq.ft, and Nainiappa Naicken Street at Rs 8,800 per sq.ft, among others.