Guideline Value for Savari Muthu street

Savari Muthu street guideline value

The current guideline value of Savari Muthu street is Rs 7,100 per sq.ft, effective from 1 July 2024. This street is located in Muthialpet village and falls under the Chennai North Joint I SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Savari Muthu street has changed

The guideline value for Savari Muthu street has seen several revisions over the years. In 2002, the value was Rs 1,635 per sq.ft, which increased to Rs 1,858 per sq.ft in 2003, marking a 14% rise. The value then rose to Rs 2,300 per sq.ft in 2007, reflecting a 24% increase. From 2007 to 2012, there was a significant jump to Rs 6,500 per sq.ft, amounting to a 183% increase. However, from 2012 to 2017, the value decreased to Rs 4,355 per sq.ft, a decline of 33%.

In 2017, the value was Rs 4,355 per sq.ft, which then increased to Rs 6,500 per sq.ft in 2023, a rise of 49%. The most recent revision in 2024 saw the guideline value increase to Rs 7,100 per sq.ft, reflecting a 9% increase from the previous year. There are no figures available for the revisions in years not listed.

Guideline values in Muthialpet

Muthialpet village has a total of 160 streets under the Chennai North Joint I SRO, with guideline values ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median guideline value in this area is Rs 5,500 per sq.ft, placing Savari Muthu street's 2024 figure above that median.

• Savari Muthu lane+: Rs 4,900 per sq.ft (2024)
• Sengaluneer Pillar Koil street @New street: Rs 5,500 per sq.ft (2024)
• Salai Vinayagar Koil street *: Rs 7,700 per sq.ft (2024)
• Salai Vinayagar Koil 2nd lane: Rs 5,200 per sq.ft (2024)
• Salai Vinayagar Koil 1st lane: Rs 5,200 per sq.ft (2024)
• Saiva Muthiah mudali street 1to5 lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Savari Muthu street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,100 per sq.ft, the total guideline value amounts to Rs 71,00,000. The stamp duty at 7% would be Rs 4,97,000, and the registration fee at 2% would be Rs 1,42,000, making the total charges Rs 6,39,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Savari Muthu street?

The Savari Muthu street falls under the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Muthialpet. It is used to determine the stamp duty and registration fees that buyers and sellers must pay during the property transfer process.

When a property is sold, the guideline value serves as a benchmark for assessing the sale price. If the sale price is higher than the guideline value, the stamp duty will be calculated based on the sale price instead.

Frequently asked questions

What is the current guideline value of Savari Muthu street?

The current guideline value of Savari Muthu street is Rs 7,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,635 per sq.ft in 2002 to Rs 7,100 per sq.ft in 2024, showing an overall increase of 334% across the revisions.

What is the land classification for Savari Muthu street?

Savari Muthu street is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the registration office for Savari Muthu street?

The registration office for Savari Muthu street is the Chennai North Joint I Sub Registrar Office, located at Nsc Bose Road, Kuralagam First Floor, Esplaned Street, Chennai-105.

How is stamp duty calculated for properties in Savari Muthu street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property with a guideline value of Rs 71,00,000 would incur a stamp duty of Rs 4,97,000 at a rate of 7%.