Guideline Value for MUTHU IRULANDI COLONY 2ND CROSS STREET

Muthu Irulandi Colony 2nd Cross Street guideline value

The current guideline value for Muthu Irulandi Colony 2nd Cross Street is Rs 3,800 per sq.ft, effective from 1 July 2024. This street is located in Vadaagaram village and falls under the Kodambakkam SRO, classified as Residential Class IV Type - II.

How the guideline value of Muthu Irulandi Colony 2nd Cross Street has changed

The guideline value for Muthu Irulandi Colony 2nd Cross Street has undergone several revisions over the years. In 2007, the value was Rs 900 per sq.ft, which increased significantly to Rs 3,500 per sq.ft in 2012. However, it then decreased to Rs 2,345 per sq.ft in 2017. The value saw a substantial increase to Rs 3,500 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 3,800 per sq.ft. The changes from 2017 to 2023 marked a 49% increase, while the jump from 2023 to 2024 was 9%.

Overall, from 2007 to 2024, the guideline value has increased by 322%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

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, with a median value of Rs 6,600 per sq.ft. Muthu Irulandi Colony 2nd Cross Street's 2024 figure of Rs 3,800 per sq.ft is below this median.

• Muthu Irulandi Colony 1 St Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 2nd Street: Rs 3,800 per sq.ft (2024)
• Muthu Irulandi Colony 1st Cross 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 2nd 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 or the sale price.

You can use the stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Muthu Irulandi Colony 2nd Cross Street?

The Sub Registrar Office that covers Muthu Irulandi Colony 2nd Cross 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 critical factor in the registration of property transactions in Vadaagaram. It serves as a benchmark for determining the minimum value at which properties 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 in assessing the financial obligations related to the transaction. Buyers and sellers should be aware of the current guideline value to ensure compliance with legal and financial requirements during the registration process.

Frequently asked questions

What is the current guideline value for Muthu Irulandi Colony 2nd Cross Street?

The current guideline value for Muthu Irulandi Colony 2nd 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, marking an overall increase of 322% over the years.

What is the stamp duty rate for properties in this area?

The stamp duty rate for properties in Muthu Irulandi Colony 2nd Cross Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for this street?

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

What is the land classification for Muthu Irulandi Colony 2nd Cross Street?

Muthu Irulandi Colony 2nd Cross Street is classified as Residential Class IV Type - II according to the guideline value register.