Guideline Value for Post Office Street ( From Thambu Chetty Street Junction To Sembu Doss Street)

Post Office street ( from Thambu Chetty street Junction to Sembu Doss street) guideline value

The current guideline value for Post Office street ( from Thambu Chetty street Junction to Sembu Doss street) is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village, under the Chennai North Joint I SRO, and is classified as Residential Class I Type - II.

How the guideline value of Post Office street ( from Thambu Chetty street Junction to Sembu Doss street) has changed

The guideline value for Post Office street has seen several revisions over the years. In 2002, the value was Rs 1,394 per sq.ft, which increased to Rs 1,585 per sq.ft in 2003. The following revisions were significant, with the value rising to Rs 2,300 per sq.ft in 2007, then to Rs 6,500 per sq.ft in 2012. However, it dropped to Rs 4,355 per sq.ft in 2017, before increasing to Rs 6,500 per sq.ft in 2023. The latest revision in 2024 set the value at Rs 7,100 per sq.ft.

From 2017 to 2023, the value increased by 49%. The 2023 to 2024 revision saw a rise of 9%. Notably, the value increased by 183% from 2007 to 2012 and by 45% from 2003 to 2007. Overall, from 2002 to 2024, the guideline value has increased by 409%. There are no figures available for any revisions in years not listed.

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. The median value is Rs 5,500 per sq.ft, making the 2024 figure for Post Office street above that median.

• Post Office street ( from National Hotel to Thambu Chetty street Junction): Rs 7,100 per sq.ft (2024)
• Prakasam Salai [Broadway]: Rs 16,500 per sq.ft (2024)
• Prakasam Salai (Broadway) 1st lane: Rs 8,200 per sq.ft (2024)
• Prakasam Salai (Broadway) 2nd lane: Rs 8,200 per sq.ft (2024)
• Phopams broadway: Rs 16,500 per sq.ft (2024)
• Philips street: Rs 7,700 per sq.ft (2024)

Stamp duty and registration fee for property in Post Office street ( from Thambu Chetty street Junction to Sembu Doss street)

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value would be Rs 71,00,000. The stamp duty at 7% would amount to Rs 4,97,000, while the registration fee at 2% would be Rs 1,42,000, bringing the total to Rs 6,39,000. 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 Post Office street ( from Thambu Chetty street Junction to Sembu Doss street)?

The Sub Registrar Office that covers Post Office 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 a critical factor when registering property transactions in Muthialpet. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When a buyer or seller engages in a transaction, the guideline value is compared to the sale price. The higher of the two values is used to determine the applicable duties, ensuring that the transaction is recorded accurately and in compliance with local regulations.

Frequently asked questions

What is the current guideline value for Post Office street ( from Thambu Chetty street Junction to Sembu Doss street)?

The current guideline value for Post Office street ( from Thambu Chetty street Junction to Sembu Doss street) is Rs 7,100 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly over the years, with an overall increase of 409% from 2002 to 2024. The most recent change from 2023 to 2024 was an increase of 9%.

What is the land classification for Post Office street?

Post Office street is classified as Residential Class I Type - II, indicating its suitability for residential purposes.

What are the stamp duty rates for property transactions in Muthialpet?

The stamp duty rate for property transactions in Muthialpet is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Post Office street?

The Sub Registrar Office covering Post Office street is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.