Guideline Value for Trivelan Basin Street

Trivelan Basin Street guideline value

The current guideline value of Trivelan Basin Street, located in Muthiyalpet village under the Sowcarpet SRO, is Rs 6,000 per sq.ft, effective from 1 July 2024. The land classification for this street is Residential Special Type - I.

How the guideline value of Trivelan Basin Street has changed

Over the years, the guideline value for Trivelan Basin Street has seen several revisions. In 2007, the value was Rs 2,000 per sq.ft, which increased significantly to Rs 5,500 per sq.ft in 2012, marking a 175% rise. However, this value then dropped to Rs 3,685 per sq.ft in 2017, a decrease of 33%. The guideline value rose again to Rs 5,500 per sq.ft in 2023, and further increased to Rs 6,000 per sq.ft in 2024, reflecting a 9% increase from the previous year.

There are no figures available for the years 2002 and 2003 in the register for this street. Overall, from 2007 to 2024, the guideline value has increased by 200%.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO that carry 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, making Trivelan Basin Street's 2024 figure of Rs 6,000 per sq.ft above this median.

• Trivelan Basin South Street: Rs 6,000 per sq.ft (2024)
• Thulasingam Street: Rs 4,400 per sq.ft (2024)
• Thulasingam Lane: Rs 4,400 per sq.ft (2024)
• Vadamalai Maistry 1st Lane: Rs 6,000 per sq.ft (2024)
• Vadamalai Maistry 2nd Lane: Rs 6,000 per sq.ft (2024)
• Vadamalai Maistry Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Trivelan Basin 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 for these fees 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 on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Trivelan Basin Street?

The Sub Registrar Office that covers Trivelan Basin 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 during the registration of property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives due revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers should be aware that these fees are based on the higher of the guideline value or the actual sale price of the property.

Frequently asked questions

What is the current guideline value of Trivelan Basin Street?

The current guideline value of Trivelan Basin 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 from Rs 2,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, reflecting an overall increase of 200% over this period.

What is the land classification for Trivelan Basin Street?

The land classification for Trivelan Basin Street is Residential Special Type - I.

What are the stamp duty and registration fees for property in Trivelan Basin 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.

Which office handles property registrations for Trivelan Basin Street?

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