Guideline Value for MOOVENDAR STREET

Moovendar Street guideline value

The current guideline value of Moovendar Street in Medavakkam village is Rs 2,200 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class I Type - I.

How the guideline value of Moovendar Street has changed

The guideline value for Moovendar Street has seen several revisions over the years. In 2012, the guideline value was Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. Following this, the value increased significantly to Rs 2,000 per sq.ft in 2023, and then further rose to Rs 2,200 per sq.ft in 2024, marking a 10% increase from the previous year.

From 2017 to 2023, there was a substantial increase of 49%. However, the transition from 2012 to 2017 saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Moovendar Street.

• Moovendar 1st Cross Street: Rs 2,200 per sq.ft (2024)
• Mullai Street: Rs 2,200 per sq.ft (2024)
• Munusamy Nagar: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar 2nd Street: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar 3rd Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Moovendar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, making the total cost of these charges Rs 1,98,000. Duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more information.

Which Sub Registrar Office covers Moovendar Street?

The Sub Registrar Office that covers Moovendar Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

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

The guideline value plays a crucial role during the registration of property transactions in Medavakkam. It is used to determine the stamp duty and registration fees that buyers and sellers must pay when transferring property ownership.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, which helps in maintaining transparency in property dealings. This value is particularly important for legal documentation and taxation purposes.

Frequently asked questions

What is the current guideline value of Moovendar Street?

The current guideline value of Moovendar Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then to Rs 2,000 per sq.ft in 2023, and finally to Rs 2,200 per sq.ft in 2024.

What is the median guideline value for streets in Medavakkam?

The median guideline value for streets in Medavakkam under the Chennai South Joint I SRO is Rs 2,200 per sq.ft, which is the same as the guideline value for Moovendar Street.

What are the stamp duty and registration fees for properties in Moovendar Street?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total charges would be Rs 1,98,000.

Which Sub Registrar Office covers Moovendar Street?

Moovendar Street is covered by the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.