Guideline Value for Saravana Mudali Street

Saravana Mudali Street guideline value

The current guideline value of Saravana Mudali Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Residential Class I Type - I.

How the guideline value of Saravana Mudali Street has changed

The guideline value for Saravana Mudali Street has undergone several revisions over the years. In 2003, the value was Rs 920 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007, marking a 30% rise. The value saw a significant jump to Rs 4,000 per sq.ft in 2012, reflecting a 233% increase. However, it decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value then rose to Rs 4,000 per sq.ft in 2023, followed by a further increase to Rs 4,400 per sq.ft in 2024, which is a 10% rise.

Overall, from 2003 to 2024, the guideline value has increased by 378%. It is important to note that the register has no figure for Saravana Mudali Street for the year 2002.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the current guideline value of Saravana Mudali Street.

• Samudra Mudali Street: Rs 4,400 per sq.ft (2024)
• Sami Maistry Street: Rs 4,400 per sq.ft (2024)
• Seenivasa Aiyer Street: Rs 6,000 per sq.ft (2024)
• Sambaiyer Street: Rs 4,400 per sq.ft (2024)
• Samayapurathamman Koil Street: Rs 3,800 per sq.ft (2024)
• Seenu Aiyer Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Saravana Mudali Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling 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. For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Saravana Mudali Street?

The Sub Registrar Office that covers Saravana Mudali Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the guideline value helps ensure that the transaction is recorded at a fair value, which is essential for legal and taxation purposes. Buyers and sellers should be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Saravana Mudali Street?

The current guideline value of Saravana Mudali 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 920 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 378% over the years.

What are the stamp duty and registration fees for properties in Saravana Mudali Street?

For a 1,000 sq.ft property at the current guideline value, the total stamp duty and registration fees would be Rs 3,96,000, based on the applicable rates.

Which office handles the registration for Saravana Mudali Street?

The Sowcarpet Sub Registrar Office handles the registration for Saravana Mudali Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

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

The guideline value is significant as it determines the stamp duty and registration fees payable during property transactions, ensuring that the sale is recorded at a fair value for legal and taxation purposes.