Guideline Value for Mumurthi Nagar Main Road

Mumurthi Nagar Main Road guideline value

The current guideline value of Mumurthi Nagar Main Road is Rs 3,300 per sq.ft, effective from 1 July 2024. This road 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 Main Road has changed

The guideline value of Mumurthi Nagar Main Road has seen several revisions over the years. In 2003, the value was Rs 690 per sq.ft, which increased by 45% to Rs 1,000 per sq.ft in 2007. The value then surged by 200% to Rs 3,000 per sq.ft in 2012, followed by a decrease of 33% to Rs 2,010 per sq.ft in 2017. The value rose significantly by 49% to Rs 3,000 per sq.ft in 2023, and most recently, it increased by 10% to the current rate of Rs 3,300 per sq.ft in 2024. The register has no figure for the year 2002 for this street.

Overall, from 2003 to 2024, the guideline value has increased by 378%. The changes in guideline values reflect fluctuations influenced by various factors over the years, resulting in the current valuation.

Guideline values in Zaminpallavaram

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

• Mumurthi Nagar 1st Street: Rs 3,300 per sq.ft (2024)
• 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)
• Muneswarar Koil Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Mumurthi Nagar Main Road

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, making the total cost 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. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Mumurthi Nagar Main Road?

The Sub Registrar Office that covers Mumurthi Nagar Main Road is 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 plays a crucial role in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the stamp duty and registration fees applicable to the transaction. Buyers and sellers should be aware that the guideline value is used to calculate these fees, ensuring transparency in property transactions.

When a property is registered, the guideline value is compared with the sale price. The higher of the two values is used to calculate the applicable duties and fees, ensuring that the government receives the appropriate revenue from property transactions. This system helps maintain a standardized approach to property valuation within the region.

Frequently asked questions

What is the current guideline value of Mumurthi Nagar Main Road?

The current guideline value of Mumurthi Nagar Main Road 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, reflecting a total increase of 378% over this period.

What is the land classification for Mumurthi Nagar Main Road?

Mumurthi Nagar Main Road is classified as Residential Class I Type - II.

Where can I find the Sub Registrar Office for Mumurthi Nagar Main Road?

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

How is the stamp duty calculated for property transactions?

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