Guideline Value for S.P.Muthu Nagar

S.P.Muthu Nagar guideline value

The current guideline value of S.P.Muthu Nagar is Rs 4,800 per sq.ft. This area is located in Vepery village and falls under the Periamet SRO. The land classification for this street is Residential Class II Type - II.

How the guideline value of S.P.Muthu Nagar has changed

Over the years, the guideline value of S.P.Muthu Nagar has seen significant changes. In 2007, the guideline value was Rs 800 per sq.ft, which increased dramatically to Rs 4,500 per sq.ft in 2012, marking a rise of 463%. However, from 2012 to 2017, the value decreased to Rs 3,015 per sq.ft, a decline of 33%. The value then rose again to Rs 4,500 per sq.ft in 2023, an increase of 49% from the previous revision. The most recent revision in 2024 set the guideline value at Rs 4,800 per sq.ft, reflecting a 7% increase from 2023.

It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 500%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value is Rs 4,800 per sq.ft, which is equal to the current guideline value of S.P.Muthu Nagar.

• Siva Rao Road: Rs 2,700 per sq.ft (2024)
• Siva Rao Lane: Rs 2,700 per sq.ft (2024)
• Sivaraj Salai: Rs 4,400 per sq.ft (2024)
• Sivarajpauram 2nd street: Rs 2,700 per sq.ft (2024)
• Sivarajapuram cross lane: Rs 2,700 per sq.ft (2024)
• Sivarajapuram 5th Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in S.P.Muthu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 4,800 per sq.ft, the total guideline value would be Rs 48,00,000. The stamp duty at 7% would amount to Rs 3,36,000, and the registration fee at 2% would be Rs 96,000, totaling Rs 4,32,000. It is important to note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for further assistance.

Which Sub Registrar Office covers S.P.Muthu Nagar?

S.P.Muthu Nagar is covered by the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. To find your specific SRO, you can visit find your SRO.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vepery. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property transaction. Buyers and sellers must consider the guideline value to ensure compliance with local regulations during the registration process.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of S.P.Muthu Nagar?

The current guideline value of S.P.Muthu Nagar is Rs 4,800 per sq.ft as per the 2024 revision.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 800 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, reflecting an overall increase of 500% over the years.

What is the land classification for S.P.Muthu Nagar?

S.P.Muthu Nagar is classified as Residential Class II Type - II, which defines the type of development permitted in the area.

Where can I find the Sub Registrar Office for S.P.Muthu Nagar?

The Sub Registrar Office covering S.P.Muthu Nagar is the Periamet SRO, located at 1103, Poonamallee High Road, Chennai-600 003.

How is the stamp duty calculated for property transactions in Vepery?

Stamp duty in Vepery is calculated based on the higher of the guideline value or the sale price of the property. This ensures that the appropriate fees are collected during the registration process.