Guideline Value for MUTHAMIZH NAGAR 2nd STREET

MUTHAMIZH NAGAR 2nd STREET guideline value

The current guideline value of MUTHAMIZH NAGAR 2nd STREET is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Karapakkam village under the Neelankarai SRO and is classified as Residential Special Type - II.

How the guideline value of MUTHAMIZH NAGAR 2nd STREET has changed

The guideline value for MUTHAMIZH NAGAR 2nd STREET has seen several revisions over the years. In 2012, the value was Rs 4,000 per sq.ft, which then decreased to Rs 2,680 per sq.ft in 2017. This marked a decrease of 33%. Following this, the value increased significantly to Rs 4,000 per sq.ft in 2023, and then further increased by 10% to Rs 4,400 per sq.ft in 2024.

From 2017 to 2023, there was an increase of 49%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Karapakkam

Karapakkam village has a total of 185 streets under the Neelankarai SRO, with guideline values ranging from Rs 1,000 to Rs 10,700 per sq.ft. The median value for these streets is Rs 1,700 per sq.ft, placing MUTHAMIZH NAGAR 2nd STREET's 2024 figure above this median.

• MUTHAMIZH NAGAR 1st STREET: Rs 4,400 per sq.ft (2024)
• MUTHAMIZH NAGAR 3rd STREET: Rs 4,400 per sq.ft (2024)
• MUTHAMIZH NAGAR 4th STREET: Rs 4,400 per sq.ft (2024)
• MUTHAMIZH NAGAR 5th STREET: Rs 4,400 per sq.ft (2024)
• Muthamizh Nagar: Rs 4,400 per sq.ft (2024)
• MUTHAMIZH NAGAR 6th STREET: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in MUTHAMIZH NAGAR 2nd STREET

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, totaling Rs 3,96,000. 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 more details.

Which Sub Registrar Office covers MUTHAMIZH NAGAR 2nd STREET?

The Sub Registrar Office that covers MUTHAMIZH NAGAR 2nd STREET is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Karapakkam. It determines the minimum value on which stamp duty and registration fees are calculated, ensuring that the transaction is recorded accurately in the official records.

When a property is sold, the buyer must consider the guideline value as it can affect the overall cost of the transaction. It is essential for both buyers and sellers to be aware of the current guideline values to ensure compliance with local regulations.

Frequently asked questions

What is the current guideline value of MUTHAMIZH NAGAR 2nd STREET?

The current guideline value of MUTHAMIZH NAGAR 2nd STREET is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 4,000 per sq.ft in 2012 to Rs 2,680 per sq.ft in 2017, then increased to Rs 4,000 per sq.ft in 2023, and finally to Rs 4,400 per sq.ft in 2024.

What is the land classification for MUTHAMIZH NAGAR 2nd STREET?

MUTHAMIZH NAGAR 2nd STREET is classified as Residential Special Type - II, indicating its intended use for residential purposes.

What are the stamp duty rates for properties in this area?

The stamp duty for properties in MUTHAMIZH NAGAR 2nd STREET is charged at 7% of the guideline value or sale price, whichever is higher.

Where can I find the Neelankarai Sub Registrar Office?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.