Guideline Value for Shanmugarayan Lane

Shanmugarayan Lane guideline value

The current guideline value of Shanmugarayan Lane in Muthiyalpet village is Rs 4,400 per sq.ft, effective from 1 July 2024. This street falls under the Sowcarpet Sub Registrar Office (SRO) and is classified as Residential Class I Type - I.

How the guideline value of Shanmugarayan Lane has changed

The guideline value for Shanmugarayan Lane has seen significant changes over the years. In 2007, the value was Rs 1,200 per sq.ft, which increased to Rs 4,000 per sq.ft in 2012, marking a rise of 233%. However, it then decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. Following this, the value surged to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision, reflecting a 10% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 267%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry a 2024 guideline value, ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value for these streets is Rs 4,400 per sq.ft, which is equal to the current guideline value of Shanmugarayan Lane.

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

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 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 use the stamp duty and registration fee calculator for more details on fees applicable to your property transaction.

Which Sub Registrar Office covers Shanmugarayan Lane?

The Shanmugarayan Lane is covered by the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. For further assistance, 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 to ensure compliance with local regulations during the registration process.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that the government receives the correct revenue based on the property's assessed value.

Frequently asked questions

What is the current guideline value of Shanmugarayan Lane?

The current guideline value of Shanmugarayan Lane is Rs 4,400 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, which represents a total increase of 267% over the years.

Which Sub Registrar Office covers Muthiyalpet?

The Sowcarpet Sub Registrar Office covers Muthiyalpet, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What are the stamp duty and registration fees for properties in Shanmugarayan Lane?

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.

What is the land classification of Shanmugarayan Lane?

Shanmugarayan Lane is classified as Residential Class I Type - I, which is relevant for determining its guideline value and usage.