Guideline Value for Philips street

Philips street guideline value

The current guideline value of Philips street in Muthialpet village is Rs 7,700 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Philips street has changed

The guideline value of Philips street has seen several revisions over the years. In 2002, the value was Rs 1,808 per sq.ft, which increased to Rs 2,055 per sq.ft in 2003, marking a change of +14%. The value continued to rise, reaching Rs 2,600 per sq.ft in 2007, an increase of +27%. In 2012, the value was Rs 7,000 per sq.ft, reflecting a significant increase of +169% from the previous revision. However, this was followed by a decrease of -33% to Rs 4,690 per sq.ft in 2017. The next revision in 2023 saw a rise to Rs 7,000 per sq.ft, and the most recent revision in 2024 set the guideline value at Rs 7,700 per sq.ft, a +10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by +326%. There are no figures available for revisions other than those listed above.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO that carry a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft, with a median value of Rs 5,500 per sq.ft. The guideline value of Philips street is above this median.

• Phopams broadway: Rs 16,500 per sq.ft (2024)
• Periya kutty street: Rs 5,500 per sq.ft (2024)
• Periya kutty lane: Rs 4,900 per sq.ft (2024)
• Periannan street: Rs 11,000 per sq.ft (2024)
• Post Office street (from National Hotel to Thambu Chetty street Junction): Rs 7,100 per sq.ft (2024)
• Post Office street (from Thambu Chetty street Junction to Sembu Doss street): Rs 7,100 per sq.ft (2024)

Stamp duty and registration fee for property in Philips street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value amounts to Rs 77,00,000. The stamp duty at 7% would be Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Philips street?

The Sub Registrar Office that covers Philips 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 information.

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

The guideline value is an essential factor in the registration process when buying or selling property in Muthialpet. It determines the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees based on this value.

When a property is sold, the guideline value is compared to the sale price. The higher of the two will be used to calculate the stamp duty and registration fees, ensuring compliance with the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Philips street?

The current guideline value of Philips street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,808 per sq.ft in 2002 to Rs 7,700 per sq.ft in 2024, marking an overall increase of +326% over the years.

What is the land classification of Philips street?

Philips street is classified as Residential Class I Type - I under the Chennai North Joint I SRO.

What are the stamp duty rates for property in Philips street?

The stamp duty for property in Philips street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office located?

The Chennai North Joint I Sub Registrar Office is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.