Guideline Value for Old Jail Road

Old Jail Road guideline value

The current guideline value of Old Jail Road is Rs 4,900 per sq.ft, effective from 1 July 2024. This road is located in Muthiyalpet village under the Sowcarpet SRO, and the land classification is Residential Special Type - III.

How the guideline value of Old Jail Road has changed

The guideline value for Old Jail Road has seen significant changes over the years. In the 2003 revision, the guideline value was Rs 1,104 per sq.ft. It increased to Rs 1,600 per sq.ft in 2007, marking a 45% rise. The value then jumped to Rs 4,500 per sq.ft in 2012, reflecting a substantial increase of 181%. However, it decreased to Rs 3,015 per sq.ft in 2017, which was a decline of 33%. The value then rose again to Rs 4,500 per sq.ft in 2023, a 49% increase, before reaching the current value of Rs 4,900 per sq.ft in the 2024 revision, which is a 9% increase.

It is important to note that there is no figure available for Old Jail Road in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 344%.

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. The median guideline value in this area is Rs 4,400 per sq.ft, placing Old Jail Road's current figure above that median.

• N.S.C. Bose Road: Rs 16,500 per sq.ft (2024)
• North Wall Road: Rs 5,500 per sq.ft (2024)
• North Davidson Street: Rs 6,600 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 Old Jail Road

For a 1,000 sq.ft plot at the current guideline value of Rs 4,900 per sq.ft, the total guideline value would be Rs 49,00,000. The stamp duty at 7% would amount to Rs 3,43,000, while the registration fee at 2% would be Rs 98,000. Together, the total fees would be Rs 4,41,000. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Old Jail Road?

The Sub Registrar Office that covers Old Jail 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 is an important factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value is used to determine the minimum value on which stamp duty is calculated. Buyers should be aware that the stamp duty is charged on the higher of the guideline value or the sale price, whichever is greater.

Frequently asked questions

What is the current guideline value for Old Jail Road?

The current guideline value for Old Jail Road is Rs 4,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,104 per sq.ft in 2003 to Rs 4,900 per sq.ft in 2024, which is an overall increase of 344%.

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

Other streets in Muthiyalpet include N.S.C. Bose Road at Rs 16,500 per sq.ft, North Wall Road at Rs 5,500 per sq.ft, and North Davidson Street at Rs 6,600 per sq.ft, among others.

What fees are associated with buying property on Old Jail Road?

When buying property on Old Jail Road, buyers should expect to pay stamp duty at 7% and a registration fee at 2% on the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Old Jail Road?

The Sowcarpet Sub Registrar Office, which covers Old Jail Road, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.