Guideline Value for Periya Neikaran Street

Periya Neikaran Street guideline value

The current guideline value of Periya Neikaran Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Periya Neikaran Street has changed

The guideline value for Periya Neikaran Street has seen several revisions over the years. In 2007, the guideline value was Rs 1,200 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012. However, it then decreased to Rs 2,680 per sq.ft in 2017. Following this, the value increased to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision. There are no figures available for the years 2002 and 2003 in the register for this street.

From 2017 to 2023, the increase was 49%, while from 2012 to 2017, there was a decrease of 33%. The rise from 2007 to 2012 was substantial at 233%. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Muthiyalpet

Muthiyalpet has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value for these streets is Rs 4,400 per sq.ft, which matches the current value of Periya Neikaran Street.

• Periyanna Mudali Street: Rs 4,400 per sq.ft (2024)
• Pattu Rasappan Street: Rs 4,400 per sq.ft (2024)
• Pattabirama Aiyer Street: Rs 4,400 per sq.ft (2024)
• Periya Udhandi Street: Rs 5,500 per sq.ft (2024)
• Perumal Chetty Street: Rs 3,800 per sq.ft (2024)
• Perumal Koil Garden: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Periya Neikaran Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to 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 Periya Neikaran Street?

The Sub Registrar Office that covers Periya Neikaran Street 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 a crucial factor when registering property transactions in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When buying or selling property, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and financial documentation. It is advisable to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Periya Neikaran Street?

The current guideline value of Periya Neikaran 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 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, representing an overall increase of 267% over the years.

What are the other streets in Muthiyalpet with the same guideline value?

Other streets in Muthiyalpet with the same guideline value of Rs 4,400 per sq.ft include Periyanna Mudali Street, Pattu Rasappan Street, Pattabirama Aiyer Street, and Perumal Koil Garden.

What is the registration office for Periya Neikaran Street?

The registration office for Periya Neikaran Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is stamp duty calculated for properties in Muthiyalpet?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at a rate of 7%.