Guideline Value for Mugundha Ramanujam Street

Mugundha Ramanujam Street guideline value

The current guideline value of Mugundha Ramanujam Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Mugundha Ramanujam Street has changed

The guideline value for Mugundha Ramanujam Street has undergone several revisions over the years. In 2012, the guideline 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 rose significantly to Rs 1,200 per sq.ft in 2023, and as of the 2024 revision, it stands at Rs 1,300 per sq.ft. The register has no figures for the years 2002, 2003, and 2007.

From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, there was a substantial increase of 49%. The value then increased by 8% from 2023 to 2024, resulting in an overall increase of 8% from 2012 to 2024.

Guideline values in Madhavaram

In Madhavaram village, there are 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. Mugundha Ramanujam Street's 2024 guideline value is below this median.

• Mullai Nagar: Rs 1,300 per sq.ft (2024)
• Mullai Nagar , Assisi Nagar Extn (Ward-06): Rs 1,300 per sq.ft (2024)
• Munusamy Garden (Ward-02): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 1st Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 2nd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 3rd Street (Ward 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mugundha Ramanujam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, leading to a total cost of Rs 1,17,000. 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 Mugundha Ramanujam Street?

The Sub Registrar Office that covers Mugundha Ramanujam Street is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a critical factor in the registration process of property transactions in Madhavaram. It serves as a benchmark for calculating the stamp duty and registration fees that are payable during the sale or purchase of a property.

When you buy or sell property, the guideline value helps ensure that the transaction is recorded at a fair value for taxation purposes. It is essential to be aware of the current guideline value to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mugundha Ramanujam Street?

The current guideline value of Mugundha Ramanujam Street is Rs 1,300 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 to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification for Mugundha Ramanujam Street?

Mugundha Ramanujam Street is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Madhavaram?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, if the guideline value is Rs 13,00,000, the stamp duty at 7% would be Rs 91,000.