Guideline Value for MUTHU IRULANDI COLONY 1ST CROSS STREET

Muthu Irulandi Colony 1st Cross Street guideline value

The current guideline value for Muthu Irulandi Colony 1st Cross Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village, under the jurisdiction of the Kodambakkam SRO. The land classification for this area is Residential Class IV Type - II.

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

The guideline value for Muthu Irulandi Colony 1st Cross Street has experienced several revisions over the years. The earliest recorded revision was in 2007, with a guideline value of Rs 900 per sq.ft. This increased significantly to Rs 3,500 per sq.ft in 2012, marking a 289% rise. However, by 2017, the value decreased to Rs 2,345 per sq.ft, which is a decline of 33%. The value then rose again to Rs 3,500 per sq.ft in 2023, followed by a further increase to the current rate of Rs 3,800 per sq.ft in 2024, reflecting a 9% change from the previous year. The register has no figures for the years 2002 and 2003.

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 guideline value for these streets is Rs 6,600 per sq.ft, positioning Muthu Irulandi Colony 1st Cross Street below this median value.

• Muthu Irulandi Colony 1 St 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 1st Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,800 per sq.ft, the total guideline value would be Rs 38,00,000. The stamp duty at 7% would amount to Rs 2,66,000, and the registration fee at 2% would be Rs 76,000, leading to a total of Rs 3,42,000. 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 further calculations.

Which Sub Registrar Office covers Muthu Irulandi Colony 1st Cross Street?

The Muthu Irulandi Colony 1st Cross Street is covered by 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 in property transactions in Vadaagaram. It serves as a benchmark for determining the minimum value at which a property can be registered. When a buyer and seller agree on a sale price, the higher of the sale price or the guideline value is used to calculate the applicable stamp duty and registration fees.

Understanding the guideline value is essential for both buyers and sellers, as it impacts the overall cost of the transaction. It ensures that the property is registered at a value that reflects its worth according to government standards, thereby facilitating a transparent and fair process.

Frequently asked questions

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

The current guideline value of Muthu Irulandi Colony 1st Cross 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 900 per sq.ft in 2007 to Rs 3,800 per sq.ft in 2024, reflecting an overall increase of 322% over the years.

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

The land classification for Muthu Irulandi Colony 1st Cross Street is Residential Class IV Type - II.

What are the stamp duty and registration fees for properties in this area?

The stamp duty is charged at 7% of the higher value between the guideline value and the sale price, while the registration fee is charged at 2% of the same value.

Which office handles the registration for this street?

The Kodambakkam Sub Registrar Office handles the registration for Muthu Irulandi Colony 1st Cross Street, located at 2/31, Azhagiri Nagar 5th Street, Vadapalani, Chennai - 600 026.