Guideline Value for North Wall Road

North Wall Road guideline value

The current guideline value of North Wall Road in Muthiyalpet village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Sowcarpet Sub Registrar Office and is classified as Residential Special Type - II.

How the guideline value of North Wall Road has changed

The guideline value for North Wall Road has undergone several revisions over the years. The earliest recorded value was Rs 1,496 per sq.ft in 2003. This increased to Rs 1,700 per sq.ft in 2007, marking a rise of 14%. The value then saw a significant jump to Rs 5,000 per sq.ft in 2012, representing a 194% increase. However, it decreased to Rs 3,350 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 5,000 per sq.ft in 2023, and finally reached Rs 5,500 per sq.ft in the 2024 revision, which is a 10% increase from the previous year.

It is important to note that there is no figure available for the year 2002 in the register for this street. Overall, from 2003 to 2024, the guideline value has increased by 268%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. North Wall Road's 2024 figure is above this median.

• N.S.C. Bose Road: Rs 16,500 per sq.ft (2024)
• North Davidson Street: Rs 6,600 per sq.ft (2024)
• Old Jail Road: Rs 4,900 per sq.ft (2024)
• Padavattamman Koil Street: Rs 5,500 per sq.ft (2024)
• Padriya Garden Street: Rs 4,400 per sq.ft (2024)
• Palaiyappan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in North Wall Road

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value amounts to Rs 55,00,000. The stamp duty, charged at 7%, would be Rs 3,85,000, while the registration fee at 2% would be Rs 1,10,000. Together, the total fees would be Rs 4,95,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers North Wall Road?

The Sub Registrar Office that covers North Wall Road 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 plays a crucial role during the registration of property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum sale price of properties and is used to calculate stamp duty and registration fees.

When buying or selling property, the guideline value ensures that the transaction is documented at a fair value, preventing undervaluation or overvaluation. This helps maintain transparency in property dealings.

Frequently asked questions

What is the current guideline value of North Wall Road?

The current guideline value of North Wall Road is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,496 per sq.ft in 2003 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 268% over this period.

What is the stamp duty rate for properties in North Wall Road?

The stamp duty rate for properties in North Wall Road is 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.

How is the guideline value used in property transactions?

The guideline value is used to determine the minimum sale price of properties and is essential for calculating stamp duty and registration fees during property transactions.