Guideline Value for Sultan street

Sultan street guideline value

The current guideline value for Sultan street in Muthialpet village is Rs 5,500 per sq.ft, effective from 1 July 2024. This street falls under the Chennai North Joint I SRO and is classified as Residential Class II Type - I.

How the guideline value of Sultan street has changed

The guideline value of Sultan street has undergone several revisions over the years. In 2002, the value was Rs 1,232 per sq.ft, which increased to Rs 1,401 per sq.ft in 2003, marking a 14% rise. The value then saw a significant increase to Rs 2,000 per sq.ft in 2007, reflecting a 43% change. Following that, the value surged to Rs 5,000 per sq.ft in 2012, a substantial increase of 150%. However, this was followed by a decrease to Rs 3,350 per sq.ft in 2017, a decline of 33%. The value then rose again to Rs 5,000 per sq.ft in 2023, before reaching the current rate of Rs 5,500 per sq.ft in 2024, which is a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value for Sultan street has increased by 346%. There are no figures for the years not mentioned in the register for this street.

Guideline values in Muthialpet

In Muthialpet, there are 160 streets under the Chennai North Joint I SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 18,000 per sq.ft. The median value is Rs 5,500 per sq.ft, which is equal to the current value of Sultan street.

• Sunkurama street: Rs 7,700 per sq.ft (2024)
• Subbu street+: Rs 5,500 per sq.ft (2024)
• Tailor lane: Rs 4,900 per sq.ft (2024)
• Thakar lane: Rs 7,100 per sq.ft (2024)
• Thakar Street: Rs 7,100 per sq.ft (2024)
• Thambu Chetty Street 4th segment (Mannady Street to Ibrahim Street Junction): Rs 8,800 per sq.ft (2024)

Stamp duty and registration fee for property in Sultan street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would amount to Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, totaling Rs 4,95,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Sultan street?

The Sultan street falls under the Chennai North Joint I Sub Registrar Office located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Muthialpet. It serves as a benchmark for determining the stamp duty and registration fees that are payable during the transaction.

When a property is sold, the guideline value is used to calculate the applicable duties, ensuring that the transaction is recorded accurately. Buyers and sellers should be aware of the guideline value to understand the financial implications of their property transactions.

Frequently asked questions

What is the current guideline value of Sultan street?

The current guideline value of Sultan street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,232 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, reflecting an overall increase of 346%.

Where can I find the Sub Registrar Office for Sultan street?

The Sub Registrar Office covering Sultan street is located at Nsc Bose Road, Kuralagam First Floor, Esplanade Street, Chennai-105.

What are the stamp duty and registration fees for a property in Sultan street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000, and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

What is the land classification for Sultan street?

Sultan street is classified as Residential Class II Type - I under the Chennai North Joint I SRO.