Guideline Value for Shanmuga Mudali Lane

Shanmuga Mudali Lane guideline value

The current guideline value of Shanmuga Mudali Lane is Rs 3,800 per sq.ft, effective from 1 July 2024. This lane is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Class II Type - I.

How the guideline value of Shanmuga Mudali Lane has changed

The guideline value for Shanmuga Mudali Lane has seen several revisions over the years. In 2003, the value was Rs 842 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007. This was followed by a significant rise to Rs 3,500 per sq.ft in 2012, before dropping to Rs 2,345 per sq.ft in 2017. The value then increased to Rs 3,500 per sq.ft in 2023, and currently stands at Rs 3,800 per sq.ft as of the 2024 revision. The register has no figure for this street in 2002.

Examining the changes, from 2003 to 2007, there was an increase of 19%. However, from 2012 to 2017, the value decreased by 33%. The value then rose by 49% from 2017 to 2023, and increased by 9% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 351%.

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 in the village is Rs 4,400 per sq.ft, placing Shanmuga Mudali Lane's 2024 figure below this median.

• Shanmuga Mudali Street: Rs 3,800 per sq.ft (2024)
• Shanmugarayan Lane: Rs 4,400 per sq.ft (2024)
• Shanmugarayan Street: Rs 4,400 per sq.ft (2024)
• Seven Wells Street: Rs 4,900 per sq.ft (2024)
• Seshan Street: Rs 4,900 per sq.ft (2024)
• Singannan Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Shanmuga Mudali Lane

For a 1,000 sq.ft plot at the current rate of Rs 3,800 per sq.ft, the guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, totaling Rs 3,42,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Shanmuga Mudali Lane?

The Sub Registrar Office covering Shanmuga Mudali Lane is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for more details.

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 properties can be registered. Buyers and sellers must consider this value to ensure compliance with legal requirements during the registration process.

When purchasing 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 the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Shanmuga Mudali Lane?

The current guideline value of Shanmuga Mudali Lane is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 842 per sq.ft in 2003 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 351% over the years.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, with Shanmuga Mudali Lane's current value being below this median.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 38,00,000, the stamp duty would be Rs 2,66,000 and the registration fee would be Rs 76,000, totaling Rs 3,42,000.

Which office handles property registrations in Shanmuga Mudali Lane?

The Sowcarpet Sub Registrar Office handles property registrations for Shanmuga Mudali Lane, located at No.11, Davidson Street, Sowcarpet, Chennai-01.