Guideline Value for Mumurthi Nagar 5th Street

Mumurthi Nagar 5th Street guideline value

The current guideline value of Mumurthi Nagar 5th Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village, under the Pallavaram SRO, and is classified as Residential Class I Type - II.

How the guideline value of Mumurthi Nagar 5th Street has changed

The guideline value for Mumurthi Nagar 5th Street has seen several revisions over the years. In 2003, the value was Rs 690 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a significant rise of 45%. This was followed by a remarkable increase to Rs 3,000 per sq.ft in 2012, representing a 200% jump. However, between 2012 and 2017, the value decreased to Rs 2,010 per sq.ft, a drop of 33%. In 2023, the value was revised to Rs 3,000 per sq.ft, and the most recent revision in 2024 set it at Rs 3,300 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2003 to 2024, the guideline value has increased by 378%. It is important to note that the register has no figure for the year 2002 for this street.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO, with guideline values ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,300 per sq.ft, which is equal to the current value of Mumurthi Nagar 5th Street.

• Mumurthi Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 2nd Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 1st Street: 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 5th Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, totaling 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 more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mumurthi Nagar 5th Street?

The Mumurthi Nagar 5th Street falls under the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that the transaction is compliant with local regulations.

When a property is sold, the buyer and seller must consider the guideline value to ensure that the sale price meets or exceeds this value. This helps in maintaining transparency and fairness in property transactions within the region.

Frequently asked questions

What is the current guideline value of Mumurthi Nagar 5th Street?

The current guideline value of Mumurthi Nagar 5th 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 from Rs 690 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, with various increases and one decrease in between. The most significant increase occurred from 2007 to 2012.

What is the land classification of Mumurthi Nagar 5th Street?

Mumurthi Nagar 5th Street is classified as Residential Class I Type - II, indicating its suitability for residential development.

Where can I find the Sub Registrar Office for Mumurthi Nagar 5th Street?

The Sub Registrar Office covering Mumurthi Nagar 5th Street is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone.

How is the 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 a rate of 7%.