Guideline Value for MUTHAMIZ NAGAR

Muthamiz Nagar guideline value

The current guideline value of Muthamiz Nagar, located in Nelli village under the Salavakkam SRO, is Rs 102 per sq.ft, effective from 1 July 2024. This area is classified as Residential Class III Type - I.

How the guideline value of Muthamiz Nagar has changed

The guideline value for Muthamiz Nagar has seen significant changes over the years. In the 2012 revision, the value was set at Rs 50 per sq.ft. This increased to Rs 33 per sq.ft in the 2017 revision, reflecting a decrease of 34%. However, from 2017 to 2023, the value surged to Rs 100 per sq.ft, marking an impressive increase of 203%. The most recent revision in 2024 has raised the guideline value to Rs 102 per sq.ft, a 2% increase from the previous year.

Additionally, the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 104%.

Guideline values in Nelli

In Nelli village, there are 25 streets under the Salavakkam SRO that carry a 2024 guideline value ranging from Rs 101 to Rs 103 per sq.ft. The median value for these streets is Rs 103 per sq.ft, placing Muthamiz Nagar's 2024 figure below that median.

• Malligai Nagar: Rs 103 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 103 per sq.ft (2024)
• Rajinikanth Nagar: Rs 103 per sq.ft (2024)
• Raman Nagar: Rs 103 per sq.ft (2024)
• Rasi Nagar: Rs 103 per sq.ft (2024)
• Rb -Nagar: Rs 103 per sq.ft (2024)

Stamp duty and registration fee for property in Muthamiz Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 102 per sq.ft, the total guideline value would be Rs 1,02,000. The stamp duty at 7% would amount to Rs 7,140, and the registration fee at 2% would be Rs 2,040, bringing the total fees to Rs 9,180. It is important to note that the duty is charged on the higher of the guideline value and the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthamiz Nagar?

The Sub Registrar Office that covers Muthamiz Nagar is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nelli. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the fees reflect the true value of the property being transferred.

Frequently asked questions

What is the current guideline value of Muthamiz Nagar?

The current guideline value of Muthamiz Nagar is Rs 102 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 50 per sq.ft in 2012 to Rs 33 per sq.ft in 2017, then to Rs 100 per sq.ft in 2023, and finally to Rs 102 per sq.ft in 2024.

What is the land classification for Muthamiz Nagar?

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

What are the stamp duty rates for property in Muthamiz Nagar?

The stamp duty for property in Muthamiz Nagar is charged at 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Muthamiz Nagar?

The Sub Registrar Office for Muthamiz Nagar is the Salavakkam Sub Registrar Office, located at 2/1a, Thottakkara Street, Salavakkam, 603 107, Chengalpattu registration zone.