Guideline Value for MUNAGA AVENUE

Munaga Avenue guideline value

The current guideline value of Munaga Avenue in Athipattu village, under the Thiruvottiyur SRO, is Rs 330 per sq.ft. This value is effective from 1 July 2024 and falls under the Residential Class I Type - I land classification.

How the guideline value of Munaga Avenue has changed

Looking back at the revisions, the guideline value for Munaga Avenue has seen significant changes over the years. In the 2017 revision, the value was Rs 201 per sq.ft. This increased to Rs 300 per sq.ft in the 2023 revision, marking a substantial rise of 49%. The latest revision in 2024 shows an increase to Rs 330 per sq.ft, which is a 10% rise from the previous year. Overall, from 2017 to 2024, the guideline value has increased by 64%.

It is important to note that the register has no figures for the years 2002, 2003, 2007, and 2012 for this street. Therefore, the only available figures are from the revisions in 2017, 2023, and 2024.

Guideline values in Athipattu

Athipattu village has a total of 108 streets that carry a guideline value for 2024, with values ranging from Rs 220 to Rs 462 per sq.ft. The median guideline value for these streets is Rs 330 per sq.ft, which aligns with the current guideline value of Munaga Avenue.

• Mrc Nagar: Rs 220 per sq.ft (2024)
• Muthu Anvenue: Rs 330 per sq.ft (2024)
• Nachiyapuram: Rs 330 per sq.ft (2024)
• M.G.R. Nagar: Rs 330 per sq.ft (2024)
• Nandanar Street: Rs 330 per sq.ft (2024)
• Mariamman Nagar: Rs 330 per sq.ft (2024)

Stamp duty and registration fee for property in Munaga Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 330 per sq.ft, the total guideline value would be Rs 3,30,000. The stamp duty, calculated at 7%, amounts to Rs 23,100, while the registration fee at 2% is Rs 6,600. Together, the total cost for stamp duty and registration fee would be Rs 29,700. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Munaga Avenue?

The Sub Registrar Office that covers Munaga Avenue is the Thiruvottiyur Sub Registrar Office, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Athipattu. It serves as a benchmark for determining the minimum value at which a property can be registered. Buyers and sellers must be aware of this value to ensure compliance with local regulations during transactions.

When registering a property, the guideline value is used to calculate the applicable stamp duty and registration fees. This ensures that both parties are paying the correct amount based on the established values, which helps maintain transparency in property transactions.

Frequently asked questions

What is the current guideline value of Munaga Avenue?

The current guideline value of Munaga Avenue is Rs 330 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 201 per sq.ft in 2017 to Rs 300 per sq.ft in 2023, and currently to Rs 330 per sq.ft in 2024. This represents a total increase of 64% from 2017 to 2024.

What are the stamp duty and registration fees for properties in Munaga Avenue?

For a property valued at Rs 3,30,000, the stamp duty would be Rs 23,100 and the registration fee would be Rs 6,600, totaling Rs 29,700. These fees are calculated based on the guideline value or the sale price, whichever is higher.

Which office handles property registrations for Munaga Avenue?

The Thiruvottiyur Sub Registrar Office handles property registrations for Munaga Avenue, located at 21/8, Market Lane Kaladipet, Thiruvottiyur, Chennai-600019.

What is the significance of the guideline value in property transactions?

The guideline value is significant as it establishes the minimum price at which a property can be registered. It is also used to calculate stamp duty and registration fees, ensuring that transactions are conducted fairly and transparently.