Guideline Value for MUTHU NAGAR

Muthu Nagar guideline value

The current guideline value of Muthu Nagar, located in Kolathuvancheri village under the Chennai South Joint I SRO, is Rs 1,320 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class IV Type - I.

How the guideline value of Muthu Nagar has changed

The guideline value of Muthu Nagar has undergone several revisions over the years. In the 2007 revision, the guideline value was Rs 500 per sq.ft, which increased significantly to Rs 1,200 per sq.ft in the 2012 revision, marking a 140% rise. However, in the 2017 revision, the value decreased to Rs 804 per sq.ft, reflecting a decline of 33%. The 2023 revision saw a notable increase to Rs 1,200 per sq.ft, and the most recent 2024 revision set the guideline value at Rs 1,320 per sq.ft, a 10% increase from the previous year.

Overall, from the 2007 revision to the current 2024 value, there has been a substantial increase of 164%. It is important to note that the register does not provide figures for the years 2002 and 2003 for this street.

Guideline values in Kolathuvancheri

In Kolathuvancheri, there are 146 streets under the Chennai South Joint I SRO with a 2024 guideline value ranging from Rs 660 to Rs 4,600 per sq.ft. The median guideline value in this area is Rs 1,650 per sq.ft, placing Muthu Nagar's 2024 figure below that median.

• Muthamil Nagar 2st Street: Rs 1,870 per sq.ft (2024)
• Muthamil Nagar 1st Street: Rs 1,870 per sq.ft (2024)
• Muthamil Nagar: Rs 1,870 per sq.ft (2024)
• Narmatha Street: Rs 1,650 per sq.ft (2024)
• N.S.K. Avenue: Rs 1,650 per sq.ft (2024)
• Mayana Salai: Rs 990 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 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, while the registration fee at 2% would be Rs 26,400, bringing the total fees to Rs 1,18,800. 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 details.

Which Sub Registrar Office covers Muthu Nagar?

The Sub Registrar Office that covers Muthu Nagar is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more information.

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

The guideline value plays a crucial role in the property registration process in Kolathuvancheri. 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 is considered alongside the sale price. The higher of the two values is used to calculate the applicable stamp duty and registration fees, ensuring compliance with legal requirements during the transaction.

Frequently asked questions

What is the current guideline value of Muthu Nagar?

The current guideline value of Muthu Nagar is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value of Muthu Nagar has increased from Rs 500 per sq.ft in 2007 to Rs 1,320 per sq.ft in 2024, reflecting an overall increase of 164% over the years.

What is the median guideline value in Kolathuvancheri?

The median guideline value in Kolathuvancheri is Rs 1,650 per sq.ft, with Muthu Nagar's current value being below this median.

What are the stamp duty and registration fees for property in Muthu Nagar?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

Where is the Sub Registrar Office for Muthu Nagar located?

The Sub Registrar Office for Muthu Nagar is located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.