Guideline Value for Vardha Muthiyappan Street

Vardha Muthiyappan Street guideline value

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

How the guideline value of Vardha Muthiyappan Street has changed

Over the years, the guideline value of Vardha Muthiyappan Street has seen significant changes. The earliest recorded revision was in 2007, with a guideline value of Rs 2,000 per sq.ft. This increased to Rs 5,500 per sq.ft in 2012, marking a substantial rise of 175%. However, the value then decreased to Rs 3,685 per sq.ft in 2017, representing a decline of 33%. The value continued to rise in subsequent years, reaching Rs 5,500 per sq.ft in 2023, and then further increasing to the current rate of Rs 6,000 per sq.ft in 2024, which is a 9% increase from the previous year.

In summary, the guideline value has changed from Rs 2,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, an overall increase of 200%. The register does not have figures for the years 2002 and 2003 for this street.

Guideline values in Muthiyalpet

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

• Varadharaja Mudali Lane: Rs 4,400 per sq.ft (2024)
• Varadaiyar Street: Rs 4,900 per sq.ft (2024)
• Vandalur Rangapillai Street: Rs 4,400 per sq.ft (2024)
• Vedha Vinayagar Koil Street: Rs 3,800 per sq.ft (2024)
• Vedha Vinayagar Lane: Rs 6,600 per sq.ft (2024)
• Veerangavedu Murugesa Mudali Lane: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Vardha Muthiyappan 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, bringing the total fees to 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. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Vardha Muthiyappan Street?

The Sub Registrar Office that covers Vardha Muthiyappan 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 during the registration of property transactions in Muthiyalpet. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring transparency in property dealings.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. Buyers and sellers should be aware of the guideline value to ensure compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Vardha Muthiyappan Street?

The current guideline value of Vardha Muthiyappan 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 from Rs 2,000 per sq.ft in 2007 to Rs 6,000 per sq.ft in 2024, with various revisions occurring in between.

What is the stamp duty rate for properties in Vardha Muthiyappan Street?

The stamp duty rate for properties in Vardha Muthiyappan Street is 7%, calculated based on the higher of the guideline value or the sale price.

Where can I find the Sub Registrar Office for Vardha Muthiyappan Street?

The Sub Registrar Office for Vardha Muthiyappan Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01.

What is the median guideline value in Muthiyalpet?

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