Guideline Value for Melpady Muthunaicken Street

Melpady Muthunaicken Street guideline value

The current guideline value of Melpady Muthunaicken Street is Rs 7,700 per sq.ft, effective from 1 July 2024. This street is located in Nungambakkam village and falls under the Chennai Central Joint II SRO. The land classification for this area is Residential Class I Type - I.

How the guideline value of Melpady Muthunaicken Street has changed

Over the years, the guideline value of Melpady Muthunaicken Street has seen significant changes. The 2007 revision set the value at Rs 2,000 per sq.ft, which increased to Rs 7,000 per sq.ft in the 2012 revision. However, in 2017, it dropped to Rs 4,690 per sq.ft, before rising again to Rs 7,000 per sq.ft in 2023. The latest 2024 revision has further increased the guideline value to Rs 7,700 per sq.ft, marking a 10% rise from the previous year.

From 2017 to 2023, there was a substantial increase of 49%. The 2012 to 2017 period saw a decrease of 33%. The most notable increase occurred from 2007 to 2012, where the value surged by 250%. Overall, from 2007 to 2024, the guideline value has increased by 285%. It is important to note that there are no figures available for the years 2002 and 2003 in the register for this street.

Guideline values in Nungambakkam

Nungambakkam village has a total of 270 streets under the Chennai Central Joint II SRO, with the 2024 guideline values ranging from Rs 3,300 to Rs 22,000 per sq.ft. The median guideline value for these streets is Rs 8,800 per sq.ft, indicating that Melpady Muthunaicken Street's 2024 value is below this median.

• Mayor Sivashanmugam Road: Rs 8,800 per sq.ft (2024)
• Mansion Sight: Rs 8,800 per sq.ft (2024)
• Model School Road: Rs 11,500 per sq.ft (2024)
• Mohan Kumaramangalam Road: Rs 12,600 per sq.ft (2024)
• Moores Lane (Slum): Rs 5,500 per sq.ft (2024)
• Moores Road: Rs 9,900 per sq.ft (2024)

Stamp duty and registration fee for property in Melpady Muthunaicken Street

For a 1,000 sq.ft plot at the current guideline value of Rs 7,700 per sq.ft, the total guideline value would be Rs 77,00,000. The stamp duty at 7% would amount to Rs 5,39,000, and the registration fee at 2% would be Rs 1,54,000, bringing the total to Rs 6,93,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Melpady Muthunaicken Street?

The Sub Registrar Office that covers Melpady Muthunaicken Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Nungambakkam. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction, ensuring that the government receives the appropriate revenue from property dealings.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government captures the true value of the transaction, reflecting the market conditions and property worth.

Frequently asked questions

What is the current guideline value of Melpady Muthunaicken Street?

The current guideline value of Melpady Muthunaicken Street is Rs 7,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, increasing from Rs 2,000 per sq.ft in 2007 to Rs 7,700 per sq.ft in 2024, with various fluctuations in between.

What is the land classification for Melpady Muthunaicken Street?

Melpady Muthunaicken Street is classified as Residential Class I Type - I, indicating its suitability for residential development.

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

The Sub Registrar Office for Melpady Muthunaicken Street is the Chennai Central Joint II Sub Registrar Office, located at No:5/9, Kavigar Bharathidasan Salai, Seethamalcolony, Crescent Street, Alwarpet, Chennai -600018.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 77,00,000 would incur a stamp duty of Rs 5,39,000 at a rate of 7%.