Guideline Value for MUTHAMIL NAGAR EXTENSION

Muthamil Nagar Extension guideline value

The current guideline value of Muthamil Nagar Extension 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, classified as Residential Class III Type - I.

How the guideline value of Muthamil Nagar Extension has changed

Over the years, the guideline value for Muthamil Nagar Extension has seen several revisions. The 2012 revision set the value at Rs 2,000 per sq.ft, which then dropped to Rs 1,340 per sq.ft in the 2017 revision. The 2023 revision increased it to Rs 2,000 per sq.ft, and the most recent 2024 revision raised it further to Rs 2,100 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From the 2012 revision to the 2017 revision, there was a decrease of 33%. However, from 2017 to 2023, the guideline value increased significantly by 49%. Overall, from 2012 to 2024, the guideline value has increased by 5%.

Guideline values in Korattur

In Korattur, there are a total of 617 streets under the Villivakkam SRO, with 2024 guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Muthamil Nagar Extension's 2024 figure below this median.

• Muthamil Nagar (All Streets): 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 Extension

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, bringing the total to Rs 1,89,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Muthamil Nagar Extension?

The Muthamil Nagar Extension falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor when registering property transactions in Korattur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the sale or purchase of property.

When a property is sold, the guideline value is assessed to ensure that the transaction is recorded accurately. Buyers and sellers must be aware of the current guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Muthamil Nagar Extension?

The current guideline value of Muthamil Nagar Extension 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 seen various changes, with the most recent increase from Rs 2,000 per sq.ft in 2023 to Rs 2,100 per sq.ft in 2024. The value also decreased from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017.

What is the land classification of Muthamil Nagar Extension?

Muthamil Nagar Extension is classified as Residential Class III Type - I, indicating its suitability for residential development.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the guideline value. For example, a 1,000 sq.ft plot would incur a total of Rs 1,89,000 in fees.

Where is the Villivakkam Sub Registrar Office located?

The Villivakkam Sub Registrar Office is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037. This office handles registrations for properties in Muthamil Nagar Extension.