Guideline Value for MUTHAMIL NAGAR (ALL STREETS)

Muthamil Nagar (All Streets) guideline value

The current guideline value for Muthamil Nagar (All Streets) is Rs 2,100 per sq.ft, effective from 1 July 2024. This area is located in Korattur village and falls under the Villivakkam SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Muthamil Nagar (All Streets) has changed

In the 2012 revision, the guideline value for Muthamil Nagar (All Streets) was Rs 2,000 per sq.ft. This figure remained unchanged in the 2023 revision. However, in the 2024 revision, the guideline value increased to Rs 2,100 per sq.ft, marking a 5% increase from the previous year. The overall change from 2012 to 2024 is also a 5% increase.

The register has no figures for the years 2002, 2003, 2007, and 2017 for this street. Therefore, the only revisions available are from 2012, 2023, and 2024.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO that carry a 2024 guideline value ranging from Rs 1,100 to Rs 8,200 per sq.ft, with a median value of Rs 2,500 per sq.ft. Muthamil Nagar (All Streets) has a 2024 figure that is below this median.

• Muthamil Nagar Extension: Rs 2,100 per sq.ft (2024)
• Muthamil Nagar 12th Cross Street: Rs 2,100 per sq.ft (2024)
• Murugambedu Main Road: Rs 2,100 per sq.ft (2024)
• Nagamman Nagar: Rs 1,600 per sq.ft (2024)
• Nagathamman Koil Street: Rs 2,900 per sq.ft (2024)
• Nagavalli Nagar: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar (All Streets)

For a 1,000 sq.ft plot at the current guideline value of Rs 2,100 per sq.ft, the total guideline value would be Rs 21,00,000. The stamp duty at 7% would amount to Rs 1,47,000, and the registration fee at 2% would be Rs 42,000, making the total Rs 1,89,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthamil Nagar (All Streets)?

The Sub Registrar Office that covers Muthamil Nagar (All Streets) is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Korattur. It serves as a benchmark for determining the stamp duty and registration fees applicable on the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Muthamil Nagar (All Streets)?

The current guideline value of Muthamil Nagar (All Streets) is Rs 2,100 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 2,100 per sq.ft in 2024, reflecting an overall increase of 5% over this period. There was no change between 2012 and 2023.

What is the land classification for Muthamil Nagar (All Streets)?

The land classification for Muthamil Nagar (All Streets) is Residential Class III Type - I.

Where is the Sub Registrar Office for Muthamil Nagar (All Streets)?

The Sub Registrar Office for Muthamil Nagar (All Streets) is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How is stamp duty calculated for properties in Muthamil Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 21,00,000 would incur a stamp duty of Rs 1,47,000 at a rate of 7%.