Guideline Value for Vadamalai Maistry Street

Vadamalai Maistry Street guideline value

The current guideline value of Vadamalai Maistry 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 Vadamalai Maistry Street has changed

The guideline value for Vadamalai Maistry Street has undergone several revisions over the years. The earliest recorded figure is from 2003, which was Rs 1,266 per sq.ft. It rose to Rs 2,000 per sq.ft in 2007, then increased significantly to Rs 5,500 per sq.ft in 2012. However, it decreased to Rs 3,685 per sq.ft in 2017. The value saw a substantial increase to Rs 5,500 per sq.ft in 2023, before reaching the current rate of Rs 6,000 per sq.ft in 2024.

Between the revisions, the changes are as follows: from 2003 to 2007, there was an increase of 58%; from 2007 to 2012, a decrease of 33%; an increase of 49% from 2017 to 2023; and a rise of 9% from 2023 to 2024. The overall change from 2003 to 2024 is an increase of 374%. The register has no figure for this street in 2002.

Guideline values in Muthiyalpet

In Muthiyalpet, there are 357 streets under the Sowcarpet SRO with a 2024 guideline value ranging from Rs 3,800 to Rs 16,500 per sq.ft. The median for these streets is Rs 4,400 per sq.ft, placing Vadamalai Maistry Street's 2024 figure above that median.

• Vadamalai Maistry 2nd Lane: Rs 6,000 per sq.ft (2024)
• Vadamalai Maistry 1st Lane: Rs 6,000 per sq.ft (2024)
• Vaikunda Vathiyar Street: Rs 5,500 per sq.ft (2024)
• Vaithyanath Mudali Street: Rs 4,400 per sq.ft (2024)
• Vandalur Rangapillai Street: Rs 4,400 per sq.ft (2024)
• Trivelan Basin Street: Rs 6,000 per sq.ft (2024)

Stamp duty and registration fee for property in Vadamalai Maistry 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, making the total cost for these fees Rs 5,40,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Vadamalai Maistry Street?

The Sub Registrar Office that covers Vadamalai Maistry 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 as it determines the minimum value at which a property can be registered. When buying or selling property in Muthiyalpet, the guideline value is used to calculate the stamp duty and registration fees, ensuring compliance with local regulations.

It is essential for buyers and sellers to be aware of the guideline value as it affects the overall cost of the transaction. Understanding these values can help in making informed decisions during the buying or selling process in Muthiyalpet.

Frequently asked questions

What is the current guideline value of Vadamalai Maistry Street?

The current guideline value of Vadamalai Maistry 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 1,266 per sq.ft in 2003 to Rs 6,000 per sq.ft in 2024, with various increases and decreases in between.

What is the land classification for Vadamalai Maistry Street?

Vadamalai Maistry Street is classified as Residential Special Type - I.

What is the registration office for Vadamalai Maistry Street?

The registration office for Vadamalai Maistry Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the stamp duty calculated for properties in Vadamalai Maistry Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at Rs 6,000 per sq.ft would incur a total guideline value of Rs 60,00,000, leading to a stamp duty of Rs 4,20,000.