Guideline Value for Perumal Mudali Street (Kondithope)

Perumal Mudali Street (Kondithope) guideline value

The current guideline value of Perumal Mudali Street (Kondithope) is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Perumal Mudali Street (Kondithope) has changed

Over the years, the guideline value of Perumal Mudali Street (Kondithope) has seen significant changes. The earliest recorded revision in the register is from 2003, where the guideline value was Rs 1,496 per sq.ft. This increased to Rs 1,700 per sq.ft in 2007, marking a rise of 14%. By 2012, the value jumped to Rs 5,000 per sq.ft, reflecting a remarkable increase of 194%. However, in 2017, the value decreased to Rs 3,350 per sq.ft, a decline of 33%. The guideline value then rose to Rs 5,000 per sq.ft in 2023, before reaching the current value of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

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

Guideline values in Muthiyalpet

In Muthiyalpet village, 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 for these streets is Rs 4,400 per sq.ft, placing Perumal Mudali Street (Kondithope) above this median.

• Perumal Mudali Street (Sowcarpet): Rs 13,000 per sq.ft (2024)
• Pethu Naicken Street (Kondithope): Rs 6,000 per sq.ft (2024)
• Pethu Naicken Street (Park Town): Rs 13,000 per sq.ft (2024)
• Pidariyar Kovil 1st Lane: Rs 4,400 per sq.ft (2024)
• Pidariyar Kovil 2nd Lane: Rs 4,400 per sq.ft (2024)
• Pidariyar Kovil Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Perumal Mudali Street (Kondithope)

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

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Perumal Mudali Street (Kondithope)?

The Sub Registrar Office that covers Perumal Mudali Street (Kondithope) is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is essential for calculating the applicable stamp duty and registration fees, which are mandatory for property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher amount is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions, based on the established guideline values.

Frequently asked questions

What is the current guideline value of Perumal Mudali Street (Kondithope)?

The current guideline value of Perumal Mudali Street (Kondithope) 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 1,496 per sq.ft in 2003 to the current Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 268%.

What is the registration office for Perumal Mudali Street (Kondithope)?

The registration office for Perumal Mudali Street (Kondithope) 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 higher of the guideline value or the sale price of the property. The current rate is 7% for stamp duty and 2% for the registration fee.

What are the guideline values of other streets in Muthiyalpet?

Other streets in Muthiyalpet have varying guideline values, with rates ranging from Rs 3,800 to Rs 16,500 per sq.ft. For example, Pethu Naicken Street (Kondithope) has a guideline value of Rs 6,000 per sq.ft in 2024.