Guideline Value for MUTHU IRULANDI COLONY 1 ST STREET

Muthu Irulandi Colony 1 St Street guideline value

The current guideline value of Muthu Irulandi Colony 1 St Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village, under the Kodambakkam SRO, and is classified as Residential Class IV Type - II.

How the guideline value of Muthu Irulandi Colony 1 St Street has changed

The guideline value for Muthu Irulandi Colony 1 St Street has seen several revisions over the years. In 2002, the guideline value was Rs 488 per sq.ft, which increased to Rs 540 per sq.ft in 2003. Following this, the value rose significantly to Rs 900 per sq.ft in 2007, and then to Rs 3,500 per sq.ft in 2012. However, it decreased to Rs 2,345 per sq.ft in 2017, before climbing back to Rs 3,500 per sq.ft in 2023. The latest revision in 2024 sets the value at Rs 3,800 per sq.ft.

The changes between these revisions highlight fluctuations in the guideline value. From 2002 to 2024, the overall increase is 679%. Notably, the value jumped by 289% from 2007 to 2012, while it saw a decrease of 33% from 2012 to 2017. The most recent change from 2023 to 2024 reflects an increase of 9%.

Guideline values in Vadaagaram

In Vadaagaram, there are 78 streets under the Kodambakkam SRO that carry a 2024 guideline value, ranging from Rs 3,300 to Rs 16,500 per sq.ft. The median value for these streets is Rs 6,600 per sq.ft, positioning Muthu Irulandi Colony 1 St Street below this median.

• Muthu Irulandi Colony 1st Cross Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 2nd Cross Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 2nd Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 3rd Cross Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 3rd Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony Main Road: Rs 3,800 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Irulandi Colony 1 St Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value amounts to Rs 38,00,000. The stamp duty at 7% would be Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, totaling Rs 3,42,000. 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 Muthu Irulandi Colony 1 St Street?

The Sub Registrar Office that covers Muthu Irulandi Colony 1 St Street is the Kodambakkam Sub Registrar Office, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property transactions in Vadaagaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When buying or selling property, the guideline value helps both parties understand the official valuation of the property. It is essential for both buyers and sellers to be aware of this value to facilitate a smooth transaction process.

Frequently asked questions

What is the current guideline value of Muthu Irulandi Colony 1 St Street?

The current guideline value of Muthu Irulandi Colony 1 St Street is Rs 3,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 488 per sq.ft in 2002 to Rs 3,800 per sq.ft in 2024, showing an overall increase of 679% over this period.

What is the land classification for Muthu Irulandi Colony 1 St Street?

Muthu Irulandi Colony 1 St Street is classified as Residential Class IV Type - II.

Where can I find the registration office for this area?

The Kodambakkam Sub Registrar Office covers Muthu Irulandi Colony 1 St Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 38,00,000 would incur a stamp duty of Rs 2,66,000 at 7%.