Guideline Value for Shanmuga Mudali Street

Shanmuga Mudali Street guideline value

The current guideline value of Shanmuga Mudali Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - I.

How the guideline value of Shanmuga Mudali Street has changed

The guideline value for Shanmuga Mudali Street has undergone 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. Following this, the value rose significantly to Rs 3,500 per sq.ft in 2012, but then decreased to Rs 2,345 per sq.ft in 2017. The 2023 revision saw an increase to Rs 3,500 per sq.ft, and the most recent 2024 revision set the value at Rs 3,800 per sq.ft.

Notably, the changes between revisions include a 19% increase from 2003 to 2007, a substantial 250% increase from 2007 to 2012, a decrease of 33% from 2012 to 2017, and a 49% increase from 2017 to 2023. The increase from 2023 to 2024 is 9%. 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 that have a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft, with a median value of Rs 4,400 per sq.ft. Shanmuga Mudali Street's 2024 guideline value is below this median.

• Shanmuga Mudali Lane: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, while the registration fee at 2% would be Rs 76,000, bringing the total fees to Rs 3,42,000. It is important to note that 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 details on fees applicable to your property transaction.

Which Sub Registrar Office covers Shanmuga Mudali Street?

The Sub Registrar Office that covers Shanmuga Mudali Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers should be aware that the guideline value may influence the transaction price, as it is often referenced during registration.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the value of the property being transferred.

Frequently asked questions

What is the current guideline value of Shanmuga Mudali Street?

The current guideline value of Shanmuga Mudali Street 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 a significant overall increase of 351% over that period.

What is the land classification for Shanmuga Mudali Street?

The land classification for Shanmuga Mudali Street is Residential Class II Type - I, indicating its designation for residential use.

What are the stamp duty rates for properties in Muthiyalpet?

The stamp duty rate for properties in Muthiyalpet is 7% of the guideline value or sale price, whichever is higher, along with a registration fee of 2%.

Where can I find the Sowcarpet Sub Registrar Office?

The Sowcarpet Sub Registrar Office is located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can also find your SRO using the provided link.