Guideline Value for MUTHU NAGAR

Muthu Nagar guideline value

The current guideline value of Muthu Nagar is Rs 103 per sq.ft, effective from 1 July 2024. This area is located in Vasanthavaadi village, under the Madurandakam SRO, and is classified as Residential Special Type - I.

How the guideline value of Muthu Nagar has changed

Over the years, the guideline value of Muthu Nagar has seen several revisions. The 2012 revision set the value at Rs 100 per sq.ft, which remained unchanged until the 2017 revision, where it decreased to Rs 67 per sq.ft. The 2023 revision increased the value to Rs 100 per sq.ft, and the most recent 2024 revision has further increased it to Rs 103 per sq.ft. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2012 to 2017, there was a decrease of 33%, followed by a significant increase of 49% from 2017 to 2023. The overall change from 2012 to 2024 shows a slight increase of 3%. The current guideline value reflects a 3% increase from the previous year's figure.

Guideline values in Vasanthavaadi

In Vasanthavaadi, there are five streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 103 to Rs 200 per sq.ft. The median value for these streets is Rs 103 per sq.ft, which is equal to Muthu Nagar's current guideline value.

• Iswarya Garden: Rs 200 per sq.ft (2024)
• Gubera Lakshmi Nagar: Rs 103 per sq.ft (2024)
• Sri Lakshmi Nagar: Rs 103 per sq.ft (2024)
• Sri Lakshmi Nagar Phase-II: Rs 103 per sq.ft (2024)

Stamp duty and registration fee for property in Muthu Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 103 per sq.ft, the total guideline value would be Rs 1,03,000. The stamp duty at 7% would amount to Rs 7,210, and the registration fee at 2% would be Rs 2,060, bringing the total fees to Rs 9,270. 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 more detailed calculations.

Which Sub Registrar Office covers Muthu Nagar?

The Sub Registrar Office that covers Muthu Nagar is the Madurandakam Sub Registrar Office, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a critical factor in property transactions in Vasanthavaadi, as it determines the minimum value at which a property can be registered. Buyers and sellers must consider this value when negotiating sale prices, as it influences the stamp duty and registration fees applicable to the transaction.

When registering a property, the guideline value serves as a baseline for calculating the associated costs. It ensures that the registration process is transparent and reflects the official valuation set by the authorities.

Frequently asked questions

What is the current guideline value of Muthu Nagar?

The current guideline value of Muthu Nagar is Rs 103 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 100 per sq.ft in 2012 to Rs 67 per sq.ft in 2017, then back to Rs 100 per sq.ft in 2023, and finally to Rs 103 per sq.ft in 2024.

What is the land classification of Muthu Nagar?

Muthu Nagar is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the registration fees for property transactions in Muthu Nagar?

The registration fees for property transactions in Muthu Nagar include a stamp duty of 7% and a registration fee of 2% based on the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Muthu Nagar located?

The Sub Registrar Office for Muthu Nagar is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone.