Guideline Value for Mumthaj Nagar

Mumthaj Nagar guideline value

The current guideline value of Mumthaj Nagar is Rs 1,006 per sq.ft, effective from 1 July 2024. This area is located in Vadaperumbakkam village under the Redhills SRO, classified as Residential Class III Type - I.

How the guideline value of Mumthaj Nagar has changed

The guideline value for Mumthaj Nagar has seen significant changes over the years. In the 2003 revision, the value was Rs 35 per sq.ft. This increased to Rs 200 per sq.ft in 2007, followed by a jump to Rs 500 per sq.ft in 2012. However, in 2017, the value decreased to Rs 335 per sq.ft. The 2023 revision saw another increase to Rs 500 per sq.ft, and the most recent revision in 2024 raised it to Rs 1,006 per sq.ft. Notably, there is no figure for this street in the 2002 revision.

Examining the changes, the guideline value rose by 471% from 2003 to 2007, then increased by 150% from 2007 to 2012. After a decrease of 33% from 2012 to 2017, the value rose by 49% from 2017 to 2023, and finally, there was a remarkable increase of 101% from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 2,774%.

Guideline values in Vadaperumbakkam

In Vadaperumbakkam, there are 77 streets under the Redhills SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 1,300 per sq.ft, with a median value of Rs 1,003 per sq.ft. Mumthaj Nagar's 2024 guideline value is above this median.

• Meenakshi Nagar: Rs 1,006 per sq.ft (2024)
• New Star City: Rs 1,000 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,006 per sq.ft (2024)
• Om Kanniamman Nagar: Rs 1,000 per sq.ft (2024)
• Madhavaram-Redhills Road: Rs 1,000 per sq.ft (2024)
• Om Sakthi Nagar: Rs 1,004 per sq.ft (2024)

Stamp duty and registration fee for property in Mumthaj Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 1,006 per sq.ft, the total guideline value would be Rs 10,06,000. The stamp duty at 7% would be Rs 70,420, and the registration fee at 2% would be Rs 20,120, making the total charges Rs 90,540. It is important to note that the 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 Mumthaj Nagar?

The Sub Registrar Office that covers Mumthaj Nagar 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 more information.

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

The guideline value is a crucial factor in the registration of property transactions in Vadaperumbakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate stamp duty and registration fees.

When buying or selling property, both the buyer and seller must consider the guideline value, as it influences the overall cost of the transaction. It is essential to be aware of the latest revisions to avoid any discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Mumthaj Nagar?

The current guideline value of Mumthaj Nagar is Rs 1,006 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 35 per sq.ft in 2003 to Rs 1,006 per sq.ft in 2024, which is an overall increase of 2,774%.

What is the stamp duty rate for properties in Mumthaj Nagar?

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

Where is the Sub Registrar Office for Mumthaj Nagar located?

The Sub Registrar Office for Mumthaj Nagar is located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the guideline values of other streets in Vadaperumbakkam?

Other streets in Vadaperumbakkam have guideline values ranging from Rs 1,000 to Rs 1,300 per sq.ft, with the median being Rs 1,003 per sq.ft.