Guideline Value for SHANMUGAM MUDALI STREET

Shanmugam Mudali Street guideline value

The current guideline value of Shanmugam Mudali Street is Rs 3,200 per sq.ft, effective from 1 July 2024. This street is located in Perambur village under the Purasaivakkam SRO, classified as Residential Class III Type - I.

How the guideline value of Shanmugam Mudali Street has changed

Over the years, the guideline value of Shanmugam Mudali Street has seen several revisions. The 2002 revision set the value at Rs 420 per sq.ft, which increased to Rs 461 per sq.ft in 2003, marking a 10% rise. The next significant jump occurred in 2007, where the value soared to Rs 600 per sq.ft, reflecting a 30% increase. Following that, the value rose dramatically to Rs 3,000 per sq.ft in 2012, a 400% increase from the previous revision.

However, the value decreased to Rs 2,010 per sq.ft in 2017, representing a 33% drop. The 2023 revision saw the value rise again to Rs 3,000 per sq.ft, and the latest 2024 revision has set it at Rs 3,200 per sq.ft, indicating a 7% increase from the previous year. There are no figures available for any other years for this street in the register.

Guideline values in Perambur

In Perambur village, there are 1,114 streets under the Purasaivakkam SRO with a 2024 guideline value ranging from Rs 1,600 to Rs 7,100 per sq.ft. The median guideline value is Rs 2,700 per sq.ft, placing Shanmugam Mudali Street's 2024 figure above that median.

• Shakthivel Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 10th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 11th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 12th Street: Rs 3,200 per sq.ft (2024)
• Sharma Nagar 1st Street: Rs 3,200 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmugam Mudali Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value amounts to Rs 32,00,000. The stamp duty, charged at 7%, would be Rs 2,24,000, while the registration fee at 2% would be Rs 64,000. Together, the total cost for these fees would be Rs 2,88,000. It is important to note that the 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 more information.

Which Sub Registrar Office covers Shanmugam Mudali Street?

The Sub Registrar Office that covers Shanmugam Mudali Street is the Purasaivakkam Sub Registrar Office, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012. You can find your SRO for additional details.

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

The guideline value plays a crucial role during property registration in Perambur. 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 buying or selling property, it is important to be aware of the guideline value as it ensures compliance with local regulations and helps in avoiding any legal issues during the registration process. Buyers should ensure that the sale price is not below the guideline value to avoid complications.

Frequently asked questions

What is the current guideline value of Shanmugam Mudali Street?

The current guideline value of Shanmugam Mudali Street is Rs 3,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has seen several changes, starting from Rs 420 per sq.ft in 2002 to Rs 3,200 per sq.ft in 2024, reflecting an overall increase of 662% over the years.

What are the stamp duty and registration fees for property transactions?

The stamp duty is charged at 7% of the guideline value, while the registration fee is 2%. For example, a 1,000 sq.ft plot would incur a total of Rs 2,88,000 in fees.

Which office handles property registrations for Shanmugam Mudali Street?

The Purasaivakkam Sub Registrar Office handles property registrations for Shanmugam Mudali Street, located at 93/1, Bricklin Road, Otteri, Chennai- 600 012.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it serves as the minimum value for property registration and is used to calculate the stamp duty and registration fees, ensuring compliance with local regulations.