Guideline Value for Kasturibai Street / Mungil Lake

Kasturibai Street / Mungil Lake guideline value

The current guideline value for Kasturibai Street / Mungil Lake is Rs 1,980 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal SRO, and is classified as Residential Class II Type - II.

How the guideline value of Kasturibai Street / Mungil Lake has changed

The guideline value for Kasturibai Street / Mungil Lake has seen significant changes over the years. In 2002, the value was Rs 188 per sq.ft, which increased to Rs 213 per sq.ft in 2003, marking a 13% rise. The 2007 revision set the value at Rs 360 per sq.ft, a notable 69% increase from the previous year. By 2017, the value had surged to Rs 1,206 per sq.ft, reflecting a remarkable 235% increase from 2007. However, there is no figure available for the year 2012.

In 2023, the guideline value was Rs 1,800 per sq.ft, and it increased by 10% to reach the current value of Rs 1,980 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 953%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median guideline value in Pammal is Rs 2,090 per sq.ft, which means that the guideline value for Kasturibai Street / Mungil Lake is below this median.

• Kasturibai Street / VOC Nagar: Rs 2,750 per sq.ft (2024)
• Kasthuribai Street, Dr. Ambedhkar Nagar: Rs 1,980 per sq.ft (2024)
• Kattabomman Street, Dr.Ambedhar Nagar: Rs 1,980 per sq.ft (2024)
• Kattabooman Street (Mungil Lake): Rs 1,980 per sq.ft (2024)
• Kattabooman Street / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Kattabooman Street (V.O.C. Nagar): Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Kasturibai Street / Mungil Lake

For a 1,000 sq.ft plot at the current guideline value of Rs 1,980 per sq.ft, the total guideline value would be Rs 19,80,000. The stamp duty at 7% would amount to Rs 1,38,600, while the registration fee at 2% would be Rs 39,600, leading to a total of Rs 1,78,200. 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 detailed calculations.

Which Sub Registrar Office covers Kasturibai Street / Mungil Lake?

The Sub Registrar Office that covers Kasturibai Street / Mungil Lake is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role during the registration of property transactions in Pammal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue in the form of stamp duty and registration fees.

When buying or selling property, the guideline value is compared to the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, which are mandatory for the legal transfer of property ownership.

Frequently asked questions

What is the current guideline value of Kasturibai Street / Mungil Lake?

The current guideline value of Kasturibai Street / Mungil Lake is Rs 1,980 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 188 per sq.ft in 2002 to Rs 1,980 per sq.ft in 2024, reflecting an overall increase of 953% over the years.

What is the median guideline value in Pammal?

The median guideline value in Pammal is Rs 2,090 per sq.ft, which means that the guideline value for Kasturibai Street / Mungil Lake is below this median.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the higher of the guideline value or the sale price, while the registration fee is charged at 2% of the same. For example, for a 1,000 sq.ft plot, the total fees would be Rs 1,78,200.

Which office handles registrations for Kasturibai Street / Mungil Lake?

The Pammal Sub Registrar Office handles registrations for Kasturibai Street / Mungil Lake, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.