Guideline Value for Thambu Naicken Street

Thambu Naicken Street guideline value

The current guideline value of Thambu Naicken Street is Rs 6,000 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village under the Sowcarpet SRO, classified as Residential Special Type - I.

How the guideline value of Thambu Naicken Street has changed

The guideline value for Thambu Naicken Street has seen several revisions over the years. Starting from Rs 1,373 per sq.ft in 2003, it increased to Rs 2,000 per sq.ft in 2007, then rose significantly to Rs 5,500 per sq.ft in 2012. However, it dropped to Rs 3,685 per sq.ft in 2017 before climbing to Rs 5,500 per sq.ft again in 2023. The latest revision in 2024 has set the value at Rs 6,000 per sq.ft.

Notable changes include a 46% increase from 2003 to 2007, followed by a 175% increase from 2007 to 2012. The value then decreased by 33% from 2012 to 2017, but saw a significant rise of 49% from 2017 to 2023. The most recent revision reflects a 9% increase from 2023 to 2024. The register has no figure for this street for the year 2002.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a guideline value range from Rs 3,800 to Rs 16,500 per sq.ft. The median guideline value in this area is Rs 4,400 per sq.ft, making Thambu Naicken Street's 2024 figure of Rs 6,000 per sq.ft above that median.

• Thanappa Chetty Street: Rs 4,400 per sq.ft (2024)
• Thandavamurthi Street: Rs 4,400 per sq.ft (2024)
• Thandavaraya Pillai Street: Rs 6,000 per sq.ft (2024)
• Thaiyappa Mudaly Street: Rs 4,400 per sq.ft (2024)
• Thaiyappa Mudaly Lane: Rs 4,400 per sq.ft (2024)
• Teynampet Ramasamy Mudaly Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Thambu Naicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,000 per sq.ft, the total guideline value amounts to Rs 60,00,000. The stamp duty at 7% would be Rs 4,20,000, and the registration fee at 2% would be Rs 1,20,000, bringing the total cost to Rs 5,40,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Thambu Naicken Street?

The Sub Registrar Office that covers Thambu Naicken 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 plays a crucial role in property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value of a property during registration, ensuring that transactions are conducted at a fair price as per the government’s valuation.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both buyers and sellers are aware of the financial implications of the transaction based on the established guideline value.

Frequently asked questions

What is the current guideline value of Thambu Naicken Street?

The current guideline value of Thambu Naicken Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 1,373 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, with various revisions in between, including a notable drop in 2017.

What is the median guideline value in Muthiyalpet?

The median guideline value in Muthiyalpet is Rs 4,400 per sq.ft, with Thambu Naicken Street's 2024 figure being above this median.

What are the stamp duty rates for properties in Thambu Naicken Street?

The stamp duty for properties in Thambu Naicken Street is charged at a rate of 7% on the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Thambu Naicken Street?

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