Guideline Value for MUVENDAR STREET

Muvendar Street guideline value

The current guideline value of Muvendar Street in Pallikaranai village is Rs 1,320 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint I SRO and is classified as Residential Class IV Type - II.

How the guideline value of Muvendar Street has changed

The guideline value for Muvendar Street has undergone several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and then further rose to Rs 1,320 per sq.ft in the 2024 revision, marking a 10% increase from the previous year.

From 2017 to 2023, the increase was notable at 49%. Overall, when looking at the figures from 2012 to 2024, there has been a 10% increase. The register has no figures for Muvendar Street for the years 2002, 2003, and 2007.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO, with the 2024 guideline values ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median value for these streets is Rs 1,650 per sq.ft, indicating that Muvendar Street's 2024 figure is below this median.

• Muventhar 1st Street: Rs 1,320 per sq.ft (2024)
• Muventhar 2nd Cross Street: Rs 1,320 per sq.ft (2024)
• Muventhar 2nd Street: Rs 1,320 per sq.ft (2024)
• Muventhar Street Extn: Rs 1,320 per sq.ft (2024)
• Nagamaal Avenue 1st Street: Rs 1,650 per sq.ft (2024)
• Nagamaal Avenue Main Road: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Muvendar Street

For a 1,000 sq.ft plot at the current rate of Rs 1,320 per sq.ft, the guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, totaling Rs 1,18,800. It is important to note that 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 precise calculations.

Which Sub Registrar Office covers Muvendar Street?

The Sub Registrar Office that covers Muvendar Street 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 Pallikaranai

The guideline value plays a crucial role in the registration process when buying or selling property in Pallikaranai. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue from property transactions.

When a property is sold, the guideline value is used to calculate the applicable stamp duty and registration fees. Buyers must be aware that these charges are based on the guideline value or the sale price, whichever is higher, ensuring that all transactions are conducted transparently and fairly.

Frequently asked questions

What is the current guideline value of Muvendar Street?

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

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,320 per sq.ft in 2024.

What is the classification of land on Muvendar Street?

Muvendar Street is classified as Residential Class IV Type - II under the Chennai South Joint I SRO.

What is the stamp duty rate for properties in Muvendar Street?

The stamp duty rate for properties in Muvendar Street is 7% of the guideline value or sale price, whichever is higher.

Where can I find the Sub Registrar Office for Muvendar Street?

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