Guideline Value for MUNUSAMY NAICKER NAGAR

Munusamy Naicker Nagar guideline value

The current guideline value for Munusamy Naicker Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024. This area is located in Vanagaram village and falls under the Chennai South Joint I SRO. The land classification for this street is Residential Class IV Type - III.

How the guideline value of Munusamy Naicker Nagar has changed

The guideline value for Munusamy Naicker Nagar has seen several revisions over the years. In 2002, the value was Rs 77 per sq.ft, which increased to Rs 89 per sq.ft in 2003. Following this, there was a significant rise to Rs 500 per sq.ft in 2007, and the value doubled to Rs 1,000 per sq.ft in 2012. However, it decreased to Rs 670 per sq.ft in 2017 before climbing to Rs 1,000 per sq.ft in 2023. The most recent revision in 2024 set the guideline value at Rs 1,100 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1329%. The changes between the revisions include a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 100% increase from 2007 to 2012, a 462% increase from 2003 to 2007, and a 16% increase from 2002 to 2003. There are no figures available for years other than those listed.

Guideline values in Vanagaram

In Vanagaram, there are 287 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 770 to Rs 5,500 per sq.ft. The median value for these streets is Rs 1,660 per sq.ft, making the guideline value for Munusamy Naicker Nagar below this median.

• Murugan Street: Rs 1,100 per sq.ft (2024)
• Murugappan Naickar Street: Rs 1,100 per sq.ft (2024)
• Muthumariamman Street: Rs 1,100 per sq.ft (2024)
• Mettukuppam Mayana Salai: Rs 1,660 per sq.ft (2024)
• Mettukuppam Kamatchiamman Nagar 2nd Street: Rs 1,660 per sq.ft (2024)
• Mettukuppam Kamatchiamman Nagar 1st Street: Rs 1,660 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Naicker Nagar

For a property measuring 1,000 sq.ft at the current guideline value, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, while the registration fee at 2% would be Rs 22,000. Together, the total cost for these fees would be Rs 99,000. It is important to note that the 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 details.

Which Sub Registrar Office covers Munusamy Naicker Nagar?

The Sub Registrar Office that covers Munusamy Naicker 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 Vanagaram

The guideline value is a crucial factor in property transactions in Vanagaram. It serves as the minimum value at which properties are registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees. Buyers and sellers must consider this value when determining the sale price of a property.

When a property is sold, the buyer pays stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded accurately and that all legal requirements are met during the registration process.

Frequently asked questions

What is the current guideline value for Munusamy Naicker Nagar?

The current guideline value for Munusamy Naicker Nagar is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 77 per sq.ft in 2002 to Rs 1,100 per sq.ft in 2024, reflecting an overall increase of 1329% over this period.

What is the land classification for Munusamy Naicker Nagar?

Munusamy Naicker Nagar is classified as Residential Class IV Type - III.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 11,00,000, the stamp duty would be Rs 77,000 and the registration fee would be Rs 22,000, totaling Rs 99,000.

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

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