Guideline Value for SAIVA MUTHIAH 2ND STREET

Saiva Muthiah 2nd Street guideline value

The current guideline value of Saiva Muthiah 2nd Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Mylapore village, under the jurisdiction of the Mylapore SRO, and is classified as Residential Class V Type - III.

How the guideline value of Saiva Muthiah 2nd Street has changed

Since the 2002 revision, the guideline value for Saiva Muthiah 2nd Street has seen significant changes. In 2002, the value was Rs 612 per sq.ft, which increased to Rs 680 per sq.ft in 2003, marking an 11% rise. The next available revision was in 2012, where the value returned to Rs 3,000 per sq.ft, a substantial increase of 341% from 2003. However, this value dropped to Rs 2,010 per sq.ft in 2017, reflecting a decline of 33%.

In 2023, the guideline value was Rs 3,000 per sq.ft, and it increased to Rs 3,300 per sq.ft in 2024, which is a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 439%. It is important to note that the register has no figure for the year 2007 for this street.

Guideline values in Mylapore

In Mylapore, there are 883 streets under the Mylapore SRO, with guideline values ranging from Rs 3,300 to Rs 25,800 per sq.ft. The median guideline value in this area is Rs 8,800 per sq.ft, placing Saiva Muthiah 2nd Street's 2024 figure below that median.

• Saiva Muthiah 1st Street: Rs 3,300 per sq.ft (2024)
• Saiva Muthiah 3rd Street: Rs 3,300 per sq.ft (2024)
• Saiva Muthiah 4th Street: Rs 3,300 per sq.ft (2024)
• Saiva Muthiah 5th Street: Rs 3,300 per sq.ft (2024)
• Saiva Muthiah 6th Street: Rs 3,300 per sq.ft (2024)
• SAINT MARY'S ROAD (From Bakthavachalam st to TTK Road): Rs 15,400 per sq.ft (2024)

Stamp duty and registration fee for property in Saiva Muthiah 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is essential to note that duty is charged on the higher of the guideline value or the sale price. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saiva Muthiah 2nd Street?

The Sub Registrar Office covering Saiva Muthiah 2nd Street is the Mylapore Sub Registrar Office, located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Mylapore. 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 buying or selling property, both the buyer and seller must consider the guideline value to avoid any discrepancies during the registration process. It is essential to ensure that the sale price meets or exceeds the guideline value to comply with legal requirements.

Frequently asked questions

What is the current guideline value of Saiva Muthiah 2nd Street?

The current guideline value of Saiva Muthiah 2nd Street is Rs 3,300 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 612 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 439% over this period.

What is the registration fee for a property in Saiva Muthiah 2nd Street?

The registration fee is calculated at 2% of the guideline value. For a property valued at Rs 33,00,000, the registration fee would be Rs 66,000.

Where is the Sub Registrar Office for Saiva Muthiah 2nd Street located?

The Sub Registrar Office for Saiva Muthiah 2nd Street is located at No:5/9, Kavingar Bharathidasan Salai, Seethamalcolony, Crescent Street Alwarpet, Chennai -600018.

How does the guideline value affect property transactions?

The guideline value affects property transactions by determining the minimum price at which a property can be registered. It ensures that the appropriate stamp duty and registration fees are collected based on this value.