Guideline Value for Shanmugarayan Street

Shanmugarayan Street guideline value

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

How the guideline value of Shanmugarayan Street has changed

The guideline value for Shanmugarayan Street has undergone several revisions over the years. In 2007, the value was set at Rs 1,200 per sq.ft, which increased significantly to Rs 4,000 per sq.ft in 2012, marking a 233% rise. However, this value decreased to Rs 2,680 per sq.ft in 2017, reflecting a 33% drop. The subsequent revision in 2023 saw the value increase to Rs 4,000 per sq.ft, and the latest revision in 2024 has brought it to Rs 4,400 per sq.ft, which is a 10% increase from the previous year.

It is important to note that the register has no figures for Shanmugarayan Street for the years 2002 and 2003. 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 matches the guideline value for Shanmugarayan Street.

• Shanmugarayan Lane: 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 Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, leading to a total of 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 accurate calculations.

Which Sub Registrar Office covers Shanmugarayan Street?

The Shanmugarayan Street is covered by the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01, in the 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 in property transactions in Muthiyalpet, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees that buyers must pay when purchasing property in the area.

When buying or selling property, it is essential to be aware of the current guideline value, as it affects the overall cost of the transaction. Buyers should ensure that they are informed about the guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Shanmugarayan Street?

The current guideline value of Shanmugarayan 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 seen several changes, from Rs 1,200 per sq.ft in 2007 to Rs 4,400 per sq.ft in 2024, representing a total increase of 267% over this period.

What is the median guideline value for streets in Muthiyalpet?

The median guideline value for streets in Muthiyalpet is Rs 4,400 per sq.ft, which is the same as the guideline value for Shanmugarayan Street.

Where can I find the Sub Registrar Office for Shanmugarayan Street?

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

How is stamp duty calculated for properties in Shanmugarayan Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.