Guideline Value for MUTHAMIL NAGAR

Muthamil Nagar guideline value

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

How the guideline value of Muthamil Nagar has changed

The guideline value for Muthamil Nagar has seen significant changes over the years. In 2007, the value was Rs 500 per sq.ft, which increased dramatically to Rs 1,700 per sq.ft in 2012. However, it then decreased to Rs 1,139 per sq.ft in 2017. The value rose again to Rs 1,700 per sq.ft in 2023, and currently stands at Rs 1,870 per sq.ft from the 2024 revision. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

From the 2017 revision to 2023, there was a significant increase of 49%. The jump from 2012 to 2017 saw a decrease of 33%, while the increase from 2007 to 2012 was a remarkable 240%. Overall, from 2007 to 2024, the guideline value has increased by 274%.

Guideline values in Kolathuvancheri

Kolathuvancheri consists of 146 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 660 to Rs 4,600 per sq.ft. The median value for this area is Rs 1,650 per sq.ft, placing Muthamil Nagar's 2024 guideline value above this median.

• Muthamil Nagar 1st Street: Rs 1,870 per sq.ft (2024)
• Muthamil Nagar 2st Street: 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

For a 1,000 sq.ft plot at the current guideline value of Rs 1,870 per sq.ft, the total 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, bringing the total fees together to Rs 1,68,300. 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 Muthamil Nagar?

The Sub Registrar Office that covers Muthamil 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 Kolathuvancheri

The guideline value is a critical factor in property transactions in Kolathuvancheri, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher.

When registering a property, it is essential to ensure that the sale price meets or exceeds the guideline value to avoid any issues during the registration process. This ensures compliance with local regulations and helps facilitate a smooth transaction.

Frequently asked questions

What is the current guideline value of Muthamil Nagar?

The current guideline value of Muthamil Nagar 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 increased from Rs 500 per sq.ft in 2007 to Rs 1,870 per sq.ft in 2024, reflecting an overall increase of 274% over the years.

What is the median guideline value in Kolathuvancheri?

The median guideline value in Kolathuvancheri is Rs 1,650 per sq.ft, with Muthamil Nagar's 2024 value being above this median.

What are the stamp duty and registration fees for Muthamil Nagar?

For a 1,000 sq.ft plot, the total stamp duty and registration fees amount to Rs 1,68,300, based on the current guideline value.

Which office handles registrations for Muthamil Nagar?

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