Guideline Value for Periya kutty street

Periya kutty street guideline value

The current guideline value of Periya Kutty Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of Periya kutty street has changed

The guideline value of Periya Kutty Street has seen several revisions over the years. The earliest recorded figure in the register is from 2002, with a value of Rs 1,563 per sq.ft. This value increased to Rs 1,777 per sq.ft in 2003, marking a change of +14%. In 2007, the value rose significantly to Rs 2,000 per sq.ft, reflecting an increase of +13%. The next revision in 2012 saw the value rise to Rs 5,000 per sq.ft, which was a substantial increase of +150% from the previous revision.

In 2017, the guideline value was adjusted to Rs 3,350 per sq.ft, which was a decrease of -33%. However, this was followed by an increase to Rs 5,000 per sq.ft in 2023, representing a +49% change. The most recent revision in 2024 set the value at Rs 5,500 per sq.ft, indicating a +10% increase from the 2023 figure. The overall change from 2002 to 2024 is +252%.

Guideline values in Muthialpet

Muthialpet village has a total of 160 streets under the Chennai North Joint I SRO that have a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the guideline value of Periya Kutty Street.

• Periya kutty lane: Rs 4,900 per sq.ft (2024)
• Periannan street: Rs 11,000 per sq.ft (2024)
• Panichavan lane: Rs 4,900 per sq.ft (2024)
• Philips street: Rs 7,700 per sq.ft (2024)
• Phopams broadway: Rs 16,500 per sq.ft (2024)
• Post Office street (from National Hotel to Thambu Chetty street Junction): Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Periya kutty street

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 at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, making the total fees together Rs 4,95,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can also use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Periya kutty street?

The Sub Registrar Office that covers Periya Kutty Street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process of property transactions in Muthialpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When you register a property, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Periya kutty street?

The current guideline value of Periya Kutty Street 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 significantly from Rs 1,563 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, with various increases and decreases recorded in between.

Where can I find the registration office for Periya kutty street?

The registration office for Periya Kutty Street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

How is the stamp duty calculated for properties on Periya kutty street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000.

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

Other streets in Muthialpet include Periya Kutty Lane at Rs 4,900 per sq.ft, Periannan Street at Rs 11,000 per sq.ft, and Philips Street at Rs 7,700 per sq.ft, among others.