Guideline Value for Walltax Road Segment-2 (Elephant Gate Signal to Basin Bridge Road)

Walltax Road Segment-2 (Elephant Gate Signal to Basin Bridge Road) guideline value

The current guideline value of Walltax Road Segment-2 (Elephant Gate Signal to Basin Bridge Road) is Rs 6,000 per sq.ft, effective from 1 July 2024. This area is located in Muthiyalpet village under the Sowcarpet SRO, and is classified as Residential Special Type - I.

How the guideline value of Walltax Road Segment-2 (Elephant Gate Signal to Basin Bridge Road) has changed

The guideline value for Walltax Road Segment-2 has undergone several revisions over the years. In the 2012 revision, the guideline value was set at Rs 5,500 per sq.ft. This figure decreased to Rs 3,685 per sq.ft in the 2017 revision, marking a decline of 33%. However, the value significantly increased to Rs 5,500 per sq.ft in the 2023 revision, and then rose again to Rs 6,000 per sq.ft in the 2024 revision, reflecting a 9% increase from the previous year.

Overall, from the 2012 revision to the 2024 revision, the guideline value has increased by 9%. It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Muthiyalpet

Muthiyalpet village has a total of 357 streets under the Sowcarpet SRO carrying 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 Walltax Road Segment-2's 2024 figure above this median.

• Walltax Road Segment-1: Rs 8,800 per sq.ft (2024)
• Washermen Lane: Rs 4,900 per sq.ft (2024)
• Vinayaga Mudali Street: Rs 6,000 per sq.ft (2024)
• Vinayaga Maistry Street: Rs 6,600 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 Walltax Road Segment-2 (Elephant Gate Signal to Basin Bridge Road)

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, while 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 further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Walltax Road Segment-2 (Elephant Gate Signal to Basin Bridge Road)?

The Sub Registrar Office that covers Walltax Road Segment-2 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 plays a crucial role during property transactions in Muthiyalpet. It is used to determine the stamp duty and registration fees that must be paid when a property is bought or sold. This ensures that the transaction is recorded accurately and complies with local regulations.

When purchasing property, buyers should be aware that the guideline value is the basis for calculating the fees, and it is essential to verify the current rates to avoid any discrepancies during registration. Understanding the guideline value can help facilitate a smoother transaction process.

Frequently asked questions

What is the current guideline value for Walltax Road Segment-2?

The current guideline value for Walltax Road Segment-2 (Elephant Gate Signal to Basin Bridge Road) is Rs 6,000 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Since the 2012 revision, the guideline value has seen fluctuations. It was Rs 5,500 in 2012, decreased to Rs 3,685 in 2017, then rose to Rs 5,500 in 2023, and finally increased to Rs 6,000 in 2024.

What is the land classification for Walltax Road Segment-2?

Walltax Road Segment-2 is classified as Residential Special Type - I, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for this area?

The Sowcarpet Sub Registrar Office, which covers Walltax Road Segment-2, is located at No.11, Davidson Street, Sowcarpet, Chennai-01.

How is the stamp duty calculated for properties in Walltax Road Segment-2?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 60,00,000, the stamp duty at 7% would be Rs 4,20,000.