Guideline Value for MUNUSAMY NAGAR

Munusamy Nagar guideline value

The current guideline value of Munusamy Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this street is Commercial Class I Type - III.

How the guideline value of Munusamy Nagar has changed

The guideline value for Munusamy Nagar has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 115 per sq.ft. It increased to Rs 134 per sq.ft in 2003, marking a 17% rise. The value then saw a significant increase to Rs 500 per sq.ft in 2007, which is a 273% change. In 2012, the value was Rs 2,500 per sq.ft, reflecting a 400% increase from the previous revision. However, it dropped to Rs 1,675 per sq.ft in 2017, showing a decline of 33%.

From 2017 to 2023, the guideline value rose sharply to Rs 2,500 per sq.ft, representing a 49% increase. The most recent revision in 2024 set the guideline value at Rs 2,750 per sq.ft, which is a 10% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 2291%.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO that have a 2024 guideline value ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median value is Rs 2,200 per sq.ft, making the guideline value of Munusamy Nagar above this median.

• 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)
• Munusamy Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Mullai Street: Rs 2,200 per sq.ft (2024)
• Moovendar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, the total cost for these fees would be Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can also use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Munusamy Nagar?

The Sub Registrar Office that covers Munusamy Nagar 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 information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Medavakkam. It serves as the basis for calculating stamp duty and registration fees, which are mandatory for property transactions. Buyers and sellers must be aware of the current guideline value to ensure compliance with legal requirements.

During the registration process, the guideline value will be compared to the sale price of the property. The higher of the two values will determine the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Munusamy Nagar?

The current guideline value of Munusamy Nagar is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 115 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, reflecting a significant overall increase of 2291% over the years.

What is the land classification for Munusamy Nagar?

The land classification for Munusamy Nagar is Commercial Class I Type - III.

Where can I find the Sub Registrar Office for Munusamy Nagar?

The Sub Registrar Office for Munusamy Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500 and the registration fee would be Rs 55,000.