Guideline Value for MUTHIAH NAGAR 1 TO 4 STREETS

Muthiah Nagar 1 To 4 Streets guideline value

The current guideline value for Muthiah Nagar 1 To 4 Streets is Rs 2,750 per sq.ft, effective from 1 July 2024. This area is located in Kovilambakkam village, under the Pallavaram SRO, and is classified as Residential Class I Type - I.

How the guideline value of Muthiah Nagar 1 To 4 Streets has changed

Over the years, the guideline value for Muthiah Nagar 1 To 4 Streets has seen several revisions. The 2012 revision set the value at Rs 2,500 per sq.ft, which was then reduced to Rs 1,675 per sq.ft in 2017. Following this, the value increased to Rs 2,500 per sq.ft in 2023, and finally, the current rate is Rs 2,750 per sq.ft from the 2024 revision. The register has no figure for this street in the years 2002, 2003, and 2007.

In terms of percentage changes, the value increased by 49% from 2017 to 2023, and by 10% from 2023 to 2024. Notably, the overall change from the 2012 figure to the 2024 figure is a modest increase of 10%.

Guideline values in Kovilambakkam

Kovilambakkam village has a total of 61 streets under the Pallavaram SRO, with guideline values ranging from Rs 1,320 to Rs 5,610 per sq.ft. The median guideline value for these streets is Rs 2,750 per sq.ft, which is the same as the current value for Muthiah Nagar 1 To 4 Streets.

• Muthiah Nagar: Rs 4,070 per sq.ft (2024)
• Mulai Nagar: Rs 2,160 per sq.ft (2024)
• Mohi Aurora: Rs 5,610 per sq.ft (2024)
• Mmrd Road: Rs 4,400 per sq.ft (2024)
• Nehru Street: Rs 2,160 per sq.ft (2024)
• Mayana Salai: Rs 2,160 per sq.ft (2024)

Stamp duty and registration fee for property in Muthiah Nagar 1 To 4 Streets

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value amounts to Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total fees to Rs 2,47,500. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Muthiah Nagar 1 To 4 Streets?

The Sub Registrar Office that covers Muthiah Nagar 1 To 4 Streets is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Kovilambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the state receives appropriate revenue in the form of stamp duty and registration fees.

When a property is sold, the buyer and seller must consider the guideline value to calculate the applicable fees. This ensures that both parties are aware of the financial implications of the transaction and adhere to the regulations set by the Registration Department.

Frequently asked questions

What is the current guideline value of Muthiah Nagar 1 To 4 Streets?

The current guideline value for Muthiah Nagar 1 To 4 Streets is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then to Rs 2,500 per sq.ft in 2023, and currently stands at Rs 2,750 per sq.ft from the 2024 revision.

What are the stamp duty and registration fees for property in Muthiah Nagar 1 To 4 Streets?

The stamp duty is 7% of the guideline value, and the registration fee is 2%. For a property valued at Rs 27,50,000, the total fees would be Rs 2,47,500.

Which Sub Registrar Office covers Muthiah Nagar 1 To 4 Streets?

The Pallavaram Sub Registrar Office covers Muthiah Nagar 1 To 4 Streets, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Muthiah Nagar 1 To 4 Streets?

The land classification for Muthiah Nagar 1 To 4 Streets is Residential Class I Type - I, indicating its suitability for residential development.