Guideline Value for Vinayaga Mudali Street

Vinayaga Mudali Street guideline value

The current guideline value of Vinayaga Mudali 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 Vinayaga Mudali Street has changed

In the 2007 revision, the guideline value was Rs 2,000 per sq.ft. This increased significantly to Rs 5,500 per sq.ft in the 2012 revision, marking a 175% rise. However, in the 2017 revision, it dropped to Rs 3,685 per sq.ft, a decrease of 33%. The value then rose to Rs 5,500 per sq.ft in the 2023 revision, which was a substantial increase of 49% from the previous revision.

Currently, with the 2024 revision, the guideline value stands at Rs 6,000 per sq.ft, reflecting a 9% increase from the 2023 figure. Overall, from 2007 to 2024, the guideline value has increased by 200%. The register has no figures for the years 2002 and 2003 for this street.

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 guideline value is Rs 4,400 per sq.ft, placing Vinayaga Mudali Street's 2024 figure above this median.

• Vinayaga Maistry Street: Rs 6,600 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 Mudali 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 higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more precise calculations.

Which Sub Registrar Office covers Vinayaga Mudali Street?

The Sub Registrar Office that covers Vinayaga Mudali Street is the Sowcarpet Sub Registrar Office, located at No.11, Davidson Street, Sowcarpet, Chennai-01. For more information, 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 the registration process when buying or selling property in Muthiyalpet. It determines the minimum value at which a property can be registered, ensuring that the transaction is documented at a recognized value.

When registering a property, the stamp duty and registration fees are 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.

Frequently asked questions

What is the current guideline value of Vinayaga Mudali Street?

The current guideline value of Vinayaga Mudali Street is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since 2007, the guideline value has increased from Rs 2,000 per sq.ft to Rs 6,000 per sq.ft in 2024, marking an overall increase of 200% over this period.

What are the other streets in Muthiyalpet with their guideline values?

Other streets in Muthiyalpet include Vinayaga Maistry Street at Rs 6,600 per sq.ft, Walltax Road Segment-1 at Rs 8,800 per sq.ft, and Washermen Lane at Rs 4,900 per sq.ft, among others.

What fees are associated with buying property in Vinayaga Mudali Street?

When purchasing property, buyers should be prepared to pay stamp duty at 7% and a registration fee at 2% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Vinayaga Mudali Street?

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