Guideline Value for Somasundara Mudali Street

Somasundara Mudali Street guideline value

The current guideline value of Somasundara Mudali Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village and falls under the Sowcarpet SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Somasundara Mudali Street has changed

The guideline value for Somasundara Mudali Street has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 936 per sq.ft. This increased to Rs 1,200 per sq.ft in 2007, marking a significant rise of 28%. The value then surged dramatically to Rs 4,000 per sq.ft in 2012, reflecting a 233% increase. However, it decreased to Rs 2,680 per sq.ft in 2017, a drop of 33%. The value then rose again to Rs 4,000 per sq.ft in 2023, followed by a further increase to the current figure of Rs 4,400 per sq.ft in 2024, which is a 10% rise.

To summarize the revisions: from 2017 to 2023, the guideline value increased by 49%. The overall change from 2003 to 2024 is an increase of 370%. It is important to note that there is no recorded figure for Somasundara Mudali Street in the 2002 revision.

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. The median value is Rs 4,400 per sq.ft, which matches the current guideline value of Somasundara Mudali Street.

• South Market Lane: Rs 6,000 per sq.ft (2024)
• Sivarama Sastri Street: Rs 4,400 per sq.ft (2024)
• Singannan Street: Rs 4,400 per sq.ft (2024)
• Shanmugarayan Street: Rs 4,400 per sq.ft (2024)
• Shanmugarayan Lane: Rs 4,400 per sq.ft (2024)
• Shanmuga Mudali Street: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Somasundara Mudali Street

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 to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

You can use our stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Somasundara Mudali Street?

The Sub Registrar Office that covers Somasundara Mudali Street 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 the registration process for property transactions in Muthiyalpet. It serves as the basis for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value helps determine the minimum price at which a property can be registered. This ensures transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Somasundara Mudali Street?

The current guideline value of Somasundara Mudali 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 changed significantly from Rs 936 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 370% over this period.

What is the land classification of Somasundara Mudali Street?

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

What are the stamp duty and registration fees for properties in Somasundara Mudali Street?

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.

Where can I find the Sub Registrar Office for Somasundara Mudali Street?

The Sowcarpet Sub Registrar Office covers Somasundara Mudali Street and is located at No.11, Davidson Street, Sowcarpet, Chennai-01.