Guideline Value for Subbu Chetty Street

Subbu Chetty Street guideline value

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

How the guideline value of Subbu Chetty Street has changed

The guideline value for Subbu Chetty Street has seen several revisions over the years. In 2003, the value was Rs 920 per sq.ft, which increased to Rs 1,200 per sq.ft in 2007. Following that, the value surged to Rs 4,000 per sq.ft in 2012, but then dropped to Rs 2,680 per sq.ft in 2017. The 2023 revision set the value at Rs 4,000 per sq.ft, and the most recent revision in 2024 raised it to Rs 4,400 per sq.ft, marking a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 378%. The register has no figure for the year 2002 for this street.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with 2024 guideline values ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median value is Rs 4,400 per sq.ft, which is equal to the guideline value of Subbu Chetty Street.

• Subbaraya Pillai Street: Rs 4,400 per sq.ft (2024)
• Subbaraya Naicken Lane: Rs 6,600 per sq.ft (2024)
• Subramani Chetty Lane: Rs 4,400 per sq.ft (2024)
• Subramani Chetty Street: Rs 4,400 per sq.ft (2024)
• Subramaniya Mudali Street: Rs 4,400 per sq.ft (2024)
• Stringer Street (Walltax Road): Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Subbu Chetty 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, making the total fees Rs 3,96,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

You can use the stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Subbu Chetty Street?

The Sub Registrar Office that covers Subbu Chetty Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. 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. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring transparency in the property market.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are essential for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Subbu Chetty Street?

The current guideline value of Subbu Chetty 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 from Rs 920 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 378% over this period.

What are the stamp duty and registration fees for property in Subbu Chetty Street?

For a 1,000 sq.ft plot, the total guideline value is 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.

Which office handles property registrations for Subbu Chetty Street?

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

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value for properties, which in turn affects the stamp duty and registration fees during transactions.