Guideline Value for Sami Maistry Street

Sami Maistry Street guideline value

The current guideline value of Sami Maistry Street, located in Muthiyalpet village under the Sowcarpet SRO, is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - I land classification.

How the guideline value of Sami Maistry Street has changed

The guideline value for Sami Maistry Street has seen several revisions over the years. In 2003, the value was Rs 1,010 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007. Following this, there was a significant rise to Rs 4,000 per sq.ft in 2012, before dropping to Rs 2,680 per sq.ft in 2017. The value then jumped to Rs 4,000 per sq.ft in 2023, and finally reached Rs 4,400 per sq.ft in the 2024 revision, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 336%. Notably, there is no figure available for the year 2002 in the register for this street.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current value of Sami Maistry Street.

• Sambaiyer Street: Rs 4,400 per sq.ft (2024)
• Samayapurathamman Koil Street: Rs 3,800 per sq.ft (2024)
• Samudra Mudali Street: Rs 4,400 per sq.ft (2024)
• Sakkarai Street: Rs 4,400 per sq.ft (2024)
• Saint Xavier Street: Rs 8,800 per sq.ft (2024)
• Sahib Hazarath Street: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Sami Maistry Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value amounts to Rs 44,00,000. The stamp duty charged at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total cost for these fees to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Sami Maistry Street?

The Sub Registrar Office that covers Sami Maistry Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. For more information, you can find your SRO.

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

The guideline value is a crucial factor in property transactions in Muthiyalpet, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices to ensure compliance with local regulations.

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

Frequently asked questions

What is the current guideline value of Sami Maistry Street?

The current guideline value of Sami Maistry Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,010 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 336% over this period.

What is the land classification for Sami Maistry Street?

Sami Maistry Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for properties on this street?

For a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 and the registration fee would be Rs 88,000, totaling Rs 3,96,000 for these fees.

Where can I find the Sub Registrar Office for Sami Maistry Street?

The Sub Registrar Office for Sami Maistry Street is located at No.11, Davidson Street, Sowcarpet, Chennai-01.