Guideline Value for MUTHAMIL NAGAR 2ST STREET

Muthamil Nagar 2st Street guideline value

The current guideline value of Muthamil Nagar 2st 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. The land classification for this area is Residential Class II Type - I.

How the guideline value of Muthamil Nagar 2st Street has changed

The guideline value for Muthamil Nagar 2st Street has seen several revisions over the years. In 2012, the value was Rs 1,700 per sq.ft, which then decreased to Rs 1,139 per sq.ft in 2017. Following this, there was a significant increase to Rs 1,700 per sq.ft in 2023, and the current value stands at Rs 1,870 per sq.ft from the 2024 revision. The changes between these revisions are noteworthy, with a 33% decrease from 2012 to 2017, followed by a 49% increase from 2017 to 2023, and a further 10% increase from 2023 to 2024.

It is important to note that the register has no figures for Muthamil Nagar 2st Street in the years 2002, 2003, and 2007. Overall, from 2012 to 2024, the guideline value has increased by 10%.

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 guideline value for these streets is Rs 1,650 per sq.ft, placing Muthamil Nagar 2st Street's current value above this median.

• Muthamil Nagar 1st 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 2st Street

For a 1,000 sq.ft plot at the current rate of Rs 1,870 per sq.ft, the guideline value amounts to Rs 18,70,000. The stamp duty at 7% would be Rs 1,30,900, and the registration fee at 2% would be Rs 37,400, making the total Rs 1,68,300. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Muthamil Nagar 2st Street?

The Sub Registrar Office that covers Muthamil Nagar 2st 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 is a crucial factor in the registration process when buying or selling property in Kolathuvancheri. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable stamp duty and registration fees. This value helps maintain transparency in property transactions and prevents undervaluation, ensuring that all transactions are fair and in accordance with the law.

Frequently asked questions

What is the current guideline value of Muthamil Nagar 2st Street?

The current guideline value of Muthamil Nagar 2st 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 is currently Rs 1,870 per sq.ft in 2024.

What is the land classification for Muthamil Nagar 2st Street?

The land classification for Muthamil Nagar 2st Street is Residential Class II Type - I.

Which Sub Registrar Office covers this area?

The Chennai South Joint I Sub Registrar Office covers Muthamil Nagar 2st Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a plot of 1,000 sq.ft at the current rate, the total stamp duty and registration fees would amount to Rs 1,68,300.