Guideline Value for Vinayaga Maistry Street

Vinayaga Maistry Street guideline value

The current guideline value of Vinayaga Maistry Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Muthiyalpet village, under the Sowcarpet SRO, and is classified as Commercial Class I Type - III.

How the guideline value of Vinayaga Maistry Street has changed

The guideline value for Vinayaga Maistry Street has undergone several revisions over the years. Starting from the 2003 revision, the value was Rs 1,701 per sq.ft. This increased to Rs 2,500 per sq.ft in 2007, marking a significant rise of 47%. In the following revision of 2012, the value increased to Rs 6,000 per sq.ft, which was a substantial jump of 140%. However, in 2017, the value decreased to Rs 4,020 per sq.ft, reflecting a decline of 33%. The 2023 revision set the value at Rs 6,000 per sq.ft, and the most recent revision in 2024 has raised it to Rs 6,600 per sq.ft, which is a 10% increase from the previous year.

Overall, from the 2003 revision to the 2024 revision, there has been a significant increase of 288% in the guideline value for Vinayaga Maistry Street. It is important to note that there is no figure available for this street in the 2002 revision.

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 value for these streets is Rs 4,400 per sq.ft, placing Vinayaga Maistry Street's 2024 figure above that median.

• Vinayaga Mudali Street: Rs 6,000 per sq.ft (2024)
• Walltax Road Segment-1 (Central Railway Station to Elephant Gate Signal): Rs 8,800 per sq.ft (2024)
• Walltax Road Segment-2 (Elephant Gate Signal to Basin Bridge Road): Rs 6,000 per sq.ft (2024)
• Washermen Lane: Rs 4,900 per sq.ft (2024)
• Venkatrayar Street: Rs 4,900 per sq.ft (2024)
• Venkatraman Lane: Rs 4,900 per sq.ft (2024)

Stamp duty and registration fee for property in Vinayaga Maistry Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would amount to Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, bringing the total fees to Rs 5,94,000. It is important to note that 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 information.

Which Sub Registrar Office covers Vinayaga Maistry Street?

The Sub Registrar Office that covers Vinayaga Maistry Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Muthiyalpet

The guideline value is a crucial factor in the registration process when buying or selling property in Muthiyalpet. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers should be aware that the guideline value is used to calculate the costs involved in the registration process.

When a property is registered, the stamp duty is calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions, and it is essential for both parties to understand this aspect to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Vinayaga Maistry Street?

The current guideline value of Vinayaga Maistry Street is Rs 6,600 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 1,701 per sq.ft in 2003 to Rs 6,600 per sq.ft in 2024, reflecting an overall increase of 288% over this period.

What is the land classification for Vinayaga Maistry Street?

Vinayaga Maistry Street is classified as Commercial Class I Type - III, indicating its suitability for commercial activities.

Where can I find the Sowcarpet Sub Registrar Office?

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

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

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 at a rate of 7%.