Guideline Value for M.M. Nagar Phase -3

M.M. Nagar Phase -3 guideline value

The current guideline value of M.M. Nagar Phase -3 is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is located in Kaspapuram village and falls under the Tambaram Joint 1 SRO. The land classification for this area is Residential Special Type - I.

How the guideline value of M.M. Nagar Phase -3 has changed

The guideline value for M.M. Nagar Phase -3 has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in the 2017 revision. Following this, the 2023 revision increased the value to Rs 1,500 per sq.ft, and the latest 2024 revision has further increased it to Rs 1,650 per sq.ft. Notably, there are no figures available in the register for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, the value decreased by 33%, but it increased by 49% from 2017 to 2023. The overall change from 2012 to 2024 reflects a modest increase of 10%. The latest increase of 10% from 2023 to 2024 indicates a steady adjustment in the guideline value.

Guideline values in Kaspapuram

Kaspapuram village has a total of 76 streets under the Tambaram Joint 1 SRO, with 2024 guideline values ranging from Rs 440 to Rs 4,300 per sq.ft. The median guideline value for the village is Rs 1,100 per sq.ft, placing M.M. Nagar Phase -3 above this median value.

• Mumurthy Avenue: Rs 1,650 per sq.ft (2024)
• Mumurthy Avenue First Main Road: Rs 1,430 per sq.ft (2024)
• Mumurthy Avenue Second Main Road: Rs 1,430 per sq.ft (2024)
• Mayana Salai: Rs 440 per sq.ft (2024)
• Mav Mummurthi Avenue: Rs 1,650 per sq.ft (2024)
• M A V Manickam Avenue All Streets: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in M.M. Nagar Phase -3

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, totaling Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers M.M. Nagar Phase -3?

The Sub Registrar Office that covers M.M. Nagar Phase -3 is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kaspapuram. It is used to determine the stamp duty and registration fees that must be paid during the transaction. Buyers and sellers should be aware that these costs are based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for ensuring compliance with local regulations and for budgeting the total costs associated with property transactions. It is advisable to consult the latest figures to accurately assess the financial implications of any property deal.

Frequently asked questions

What is the current guideline value of M.M. Nagar Phase -3?

The current guideline value of M.M. Nagar Phase -3 is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed several times, from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then back to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for M.M. Nagar Phase -3?

The land classification for M.M. Nagar Phase -3 is Residential Special Type - I, indicating its designated use for residential purposes.

Where can I find the relevant Sub Registrar Office for M.M. Nagar Phase -3?

The relevant Sub Registrar Office for M.M. Nagar Phase -3 is the Tambaram Joint 1 Sub Registrar Office, located at No.26, Mes Road, East Tambaram, Chennai-600059.

How is stamp duty calculated in Kaspapuram?

Stamp duty in Kaspapuram is calculated based on the higher of the guideline value or the sale price of the property. The current rate for stamp duty is 7%, along with a registration fee of 2% on the guideline value.