Guideline Value for Mugamathu Nayakkar Street

Mugamathu Nayakkar Street guideline value

The current guideline value of Mugamathu Nayakkar Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Naravarikuppam village, under the Redhills SRO, and is classified as Residential Class III Type - I.

How the guideline value of Mugamathu Nayakkar Street has changed

The guideline value for Mugamathu Nayakkar Street has undergone several revisions over the years. In 2002, the guideline value was Rs 3,471 per sq.ft, which then decreased significantly to Rs 353 per sq.ft in 2003, reflecting a drop of 90%. The value rose to Rs 400 per sq.ft in 2007, marking an increase of 13%. By 2012, the value saw a substantial rise to Rs 1,200 per sq.ft, which was a 200% increase from the previous revision. However, it then decreased to Rs 804 per sq.ft in 2017, a decrease of 33%. The value increased again to Rs 1,200 per sq.ft in 2023, followed by a final increase to Rs 1,320 per sq.ft in 2024, which is a 10% rise from the previous year.

Overall, from 2002 to 2024, the guideline value has decreased by 62%. The register has no figure for any revisions other than those listed above.

Guideline values in Naravarikuppam

In Naravarikuppam, there are 112 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 3,300 per sq.ft, with a median value of Rs 1,650 per sq.ft. Mugamathu Nayakkar Street's 2024 guideline value is below this median.

• Moulana Abdul Kalam Street: Rs 1,650 per sq.ft (2024)
• Murthuja Hussian Sahib Street: Rs 1,320 per sq.ft (2024)
• M.K. Gandhi Street: Rs 1,320 per sq.ft (2024)
• Muthuramalinga Devar Street: Rs 2,200 per sq.ft (2024)
• Muthusha Hussain Street: Rs 1,320 per sq.ft (2024)
• Mettu Street: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mugamathu Nayakkar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value would be Rs 13,20,000. The stamp duty at 7% would amount to Rs 92,400, while the registration fee at 2% would be Rs 26,400. Together, the total charges would be Rs 1,18,800. It is important to note that 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 details.

Which Sub Registrar Office covers Mugamathu Nayakkar Street?

The Sub Registrar Office that covers Mugamathu Nayakkar Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Naravarikuppam. It serves as a reference point for determining the value of the property, and the stamp duty and registration fees are calculated based on this value.

When registering a property, the buyer must pay the applicable stamp duty and registration fees, which are based on the higher of the guideline value or the sale price. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Mugamathu Nayakkar Street?

The current guideline value of Mugamathu Nayakkar 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 3,471 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, with various increases and decreases over the years, including a significant drop in 2003.

What is the registration office for Mugamathu Nayakkar Street?

The Redhills Sub Registrar Office covers Mugamathu Nayakkar Street, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the stamp duty rates for properties in Mugamathu Nayakkar Street?

The stamp duty rate for properties in Mugamathu Nayakkar Street is 7%, while the registration fee is 2% of the guideline value or sale price, whichever is higher.

How is the guideline value determined for properties in Naravarikuppam?

The guideline value for properties in Naravarikuppam is determined by the Registration Department's guideline value register, which is updated periodically to reflect changes in property values.