Guideline Value for Muguntha Ramanujam Street

Muguntha Ramanujam Street guideline value

The current guideline value of Muguntha Ramanujam Street is Rs 3,500 per sq.ft, effective from 1 July 2024. This street is located in Sembiam village and falls under the Sembiam SRO. The land classification for this area is Residential Special Type - II.

How the guideline value of Muguntha Ramanujam Street has changed

The guideline value for Muguntha Ramanujam Street has undergone several revisions over the years. In 2002, the guideline value was Rs 272 per sq.ft. This increased to Rs 295 per sq.ft in 2003, marking an 8% rise. The value then saw a significant increase to Rs 700 per sq.ft in 2007, which was a 137% change. Following this, the value surged to Rs 3,200 per sq.ft in 2012, representing a 357% increase. However, it decreased to Rs 2,144 per sq.ft in 2017, reflecting a 33% decline. The guideline value then rose to Rs 3,200 per sq.ft in 2023, marking a 49% increase, before reaching the current value of Rs 3,500 per sq.ft in 2024, a 9% increase.

There are no figures available for the revisions in the years not listed. The overall change from 2002 to 2024 is an increase of 1,187%.

Guideline values in Sembiam

In Sembiam, there are 250 streets under the Sembiam SRO that carry a 2024 guideline value ranging from Rs 1,700 to Rs 7,100 per sq.ft, with a median value of Rs 2,700 per sq.ft. The guideline value for Muguntha Ramanujam Street is above this median.

• Mugamathiyar Street: Rs 3,500 per sq.ft (2024)
• Muniyappa Chetty Street: Rs 2,700 per sq.ft (2024)
• Murugesan Gramani Street: Rs 2,700 per sq.ft (2024)
• M.E.S. Road: Rs 1,900 per sq.ft (2024)
• Meersajath Hussain Street: Rs 3,500 per sq.ft (2024)
• Nataraja Koil Street: Rs 2,700 per sq.ft (2024)

Stamp duty and registration fee for property in Muguntha Ramanujam Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,500 per sq.ft, the total guideline value amounts to Rs 35,00,000. The stamp duty at 7% would be Rs 2,45,000, and the registration fee at 2% would be Rs 70,000, bringing the total fees to Rs 3,15,000. 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 Muguntha Ramanujam Street?

The Sub Registrar Office that covers Muguntha Ramanujam Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for further assistance.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Sembiam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Muguntha Ramanujam Street?

The current guideline value of Muguntha Ramanujam Street is Rs 3,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 272 per sq.ft in 2002 to Rs 3,500 per sq.ft in 2024, marking an overall increase of 1,187%.

What is the land classification for Muguntha Ramanujam Street?

The land classification for Muguntha Ramanujam Street is Residential Special Type - II.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011.

How is the stamp duty calculated for properties in Sembiam?

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 35,00,000 would incur a stamp duty of Rs 2,45,000 at 7%.