Guideline Value for Thandavaraya Pillai Street

Thandavaraya Pillai Street guideline value

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

How the guideline value of Thandavaraya Pillai Street has changed

The guideline value for Thandavaraya Pillai Street has seen significant changes over the years. In 2003, the guideline value was Rs 1,148 per sq.ft, which increased to Rs 2,000 per sq.ft in 2007. This was followed by a substantial rise to Rs 5,500 per sq.ft in 2012, but it then dropped to Rs 3,685 per sq.ft in 2017. The value increased again to Rs 5,500 per sq.ft in 2023, and the latest revision in 2024 set it at Rs 6,000 per sq.ft. Notably, the register has no figure for this street in 2002.

Examining the changes, the increase from 2003 to 2007 was +74%, followed by a remarkable +175% from 2007 to 2012. However, there was a decrease of -33% from 2012 to 2017. The value then surged by +49% from 2017 to 2023, and finally, it rose by +9% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by +423%.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO, with guideline values for 2024 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, placing Thandavaraya Pillai Street's 2024 figure above this median.

• Thandavamurthi Street: Rs 4,400 per sq.ft (2024)
• Thanappa Chetty Street: Rs 4,400 per sq.ft (2024)
• Thambu Naicken 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 Thandavaraya Pillai Street

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

Which Sub Registrar Office covers Thandavaraya Pillai Street?

The Sub Registrar Office that covers Thandavaraya Pillai Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. To locate your SRO, you can find your SRO.

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. When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees, which are mandatory for the registration of property documents. It is essential for both buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements.

In addition to determining the fees, the guideline value serves as a reference point for property valuation during transactions. Buyers should be informed about the guideline value to negotiate effectively, while sellers must consider it when pricing their properties.

Frequently asked questions

What is the current guideline value of Thandavaraya Pillai Street?

The current guideline value of Thandavaraya Pillai 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 changed significantly, starting from Rs 1,148 per sq.ft in 2003 and reaching Rs 6,000 per sq.ft in 2024. There were various increases and decreases in between, with the most notable increase being +175% from 2007 to 2012.

What is the median guideline value in Muthiyalpet?

The median guideline value for streets in Muthiyalpet is Rs 4,400 per sq.ft for 2024. Thandavaraya Pillai Street's guideline value is above this median.

What are the stamp duty and registration fees for a property in Thandavaraya Pillai Street?

For a property valued at Rs 60,00,000, the stamp duty would be Rs 4,20,000, and the registration fee would be Rs 1,20,000, totaling Rs 5,40,000. These fees are based on the guideline value or the sale price, whichever is higher.

Which office handles registrations for properties in Thandavaraya Pillai Street?

The Sowcarpet Sub Registrar Office handles registrations for properties in Thandavaraya Pillai Street, located at No.11, Davidson Street, Sowcarpet, Chennai-01.