Guideline Value for MUTHAMIL NAGAR 1ST STREET

Muthamil Nagar 1st Street guideline value

The current guideline value of Muthamil Nagar 1st Street is Rs 1,870 per sq.ft, effective from 1 July 2024. This street is located in Kolathuvancheri village and falls under the Chennai South Joint I SRO, classified as Residential Class II Type - I.

How the guideline value of Muthamil Nagar 1st Street has changed

The guideline value for Muthamil Nagar 1st Street has undergone several revisions over the years. The earliest recorded revision is from 2012, where the value was Rs 1,700 per sq.ft. This figure remained until the next revision in 2017, which saw a decrease to Rs 1,139 per sq.ft. However, from 2017 to 2023, the value increased significantly to Rs 1,700 per sq.ft, and further rose to Rs 1,870 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

Between the 2012 and 2017 revisions, there was a notable decline of 33%. Overall, from the 2012 revision to the current 2024 revision, the guideline value has increased by 10%. It is important to note that there are no figures available for the years 2002, 2003, and 2007 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, placing Muthamil Nagar 1st Street above this median.

• Muthamil Nagar 2st Street: Rs 1,870 per sq.ft (2024)
• Muthamil Nagar: Rs 1,870 per sq.ft (2024)
• Muthu Nagar: Rs 1,320 per sq.ft (2024)
• Narmatha Street: Rs 1,650 per sq.ft (2024)
• Mayana Salai: Rs 990 per sq.ft (2024)
• N.S.K. Avenue: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamil Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total guideline value would be Rs 18,70,000. The stamp duty at 7% would amount to Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, bringing the total fees to Rs 1,68,300. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

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

Which Sub Registrar Office covers Muthamil Nagar 1st Street?

The Sub Registrar Office covering Muthamil Nagar 1st 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 information.

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

The guideline value plays a crucial role in the registration of property transactions in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value is considered along with the actual sale price. The higher of the two values is used to calculate the stamp duty and registration fees, ensuring compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Muthamil Nagar 1st Street?

The current guideline value of Muthamil Nagar 1st Street is Rs 1,870 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,700 per sq.ft in 2012 to Rs 1,139 per sq.ft in 2017, then increased to Rs 1,700 per sq.ft in 2023, and finally to Rs 1,870 per sq.ft in 2024.

What is the land classification for Muthamil Nagar 1st Street?

Muthamil Nagar 1st Street is classified as Residential Class II Type - I.

Where can I find the registration office for Muthamil Nagar 1st Street?

The registration office for Muthamil Nagar 1st 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.

How is the stamp duty calculated for properties in Muthamil Nagar 1st Street?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 18,70,000, the stamp duty at 7% would be Rs 1,30,900.