Guideline Value for Palaiyappan Street

Palaiyappan Street guideline value

The current guideline value of Palaiyappan Street in Muthiyalpet village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Sowcarpet SRO and is classified as Residential Class I Type - I.

How the guideline value of Palaiyappan Street has changed

The guideline value for Palaiyappan Street has seen several revisions over the years. In 2003, the value was Rs 1,020 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007. The 2012 revision saw a decrease to Rs 4,000 per sq.ft, followed by a drop to Rs 2,680 per sq.ft in 2017. The 2023 revision brought it back up to Rs 4,000 per sq.ft, and the most recent 2024 revision set the value at Rs 4,400 per sq.ft. The register has no figure for the year 2002 for this street.

From 2017 to 2023, there was a significant increase of 49%, and from 2023 to 2024, the increase was 10%. Notably, the overall change from 2003 to 2024 reflects a rise of 331% in the guideline value.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the 2024 figure for Palaiyappan Street.

• Padriya Garden Street: Rs 4,400 per sq.ft (2024)
• Padavattamman Koil Street: Rs 5,500 per sq.ft (2024)
• Palliyappan Lane: Rs 4,400 per sq.ft (2024)
• Palliyappan Street: Rs 4,400 per sq.ft (2024)
• Pannaikaran Andiappan Street: Rs 3,800 per sq.ft (2024)
• Old Jail Road: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Palaiyappan Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, while the registration fee at 2% would be Rs 88,000. Together, the total cost for stamp duty and registration fee would be Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Palaiyappan Street?

The Sub Registrar Office that covers Palaiyappan Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when registering property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value will be used to calculate the stamp duty and registration fees, which are mandatory for all property transactions. Buyers should be aware that these costs are based on the guideline value or the sale price, whichever is higher.

Frequently asked questions

What is the current guideline value of Palaiyappan Street?

The current guideline value of Palaiyappan Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,020 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 331% over this period.

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

Other streets in Muthiyalpet include Padriya Garden Street and Palliyappan Lane, both at Rs 4,400 per sq.ft, and Padavattamman Koil Street at Rs 5,500 per sq.ft.

What fees are associated with property transactions in Palaiyappan Street?

For property transactions, buyers must pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

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

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