Guideline Value for Mumurthi Nagar 1st Street

Mumurthi Nagar 1st Street guideline value

The current guideline value of Mumurthi Nagar 1st Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, which falls under the Pallavaram SRO. The land classification for this area is Residential Class I Type - II.

How the guideline value of Mumurthi Nagar 1st Street has changed

The guideline value for Mumurthi Nagar 1st Street has undergone several revisions over the years. The earliest recorded figure is from 2003, where it was Rs 690 per sq.ft. This value increased to Rs 1,000 per sq.ft in 2007, marking a significant rise of 45%. The value then surged to Rs 3,000 per sq.ft in 2012, reflecting a remarkable increase of 200%. However, it decreased to Rs 2,010 per sq.ft in 2017, showing a decline of 33%. The value then rose again to Rs 3,000 per sq.ft in 2023, before reaching the current value of Rs 3,300 per sq.ft in 2024, which is a 10% increase from the previous year.

It is important to note that there is no recorded figure for Mumurthi Nagar 1st Street in the 2002 revision. Overall, from 2003 to 2024, the guideline value has increased by 378%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO that carry a guideline value for 2024, ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value is Rs 3,300 per sq.ft, which is equal to the guideline value of Mumurthi Nagar 1st Street.

• Mumurthi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Muneswarar Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mumurthi Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value amounts to Rs 33,00,000. The stamp duty at 7% would be Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total cost to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mumurthi Nagar 1st Street?

The Sub Registrar Office that covers Mumurthi Nagar 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone. You can find your SRO for more information.

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

When buying or selling property in Zaminpallavaram, the guideline value is an essential factor considered during the registration process. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction.

The guideline value is crucial for ensuring that the transaction is recorded accurately and that the appropriate taxes are paid. Buyers and sellers should 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 Mumurthi Nagar 1st Street?

The current guideline value of Mumurthi Nagar 1st Street is Rs 3,300 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 690 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 378% over the years.

What is the land classification for Mumurthi Nagar 1st Street?

The land classification for Mumurthi Nagar 1st Street is Residential Class I Type - II.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the Chengalpattu registration zone.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, a property valued at Rs 33,00,000 would incur a stamp duty of Rs 2,31,000 at 7%.