Guideline Value for Mumurthy Avenue

Mumurthy Avenue guideline value

The current guideline value of Mumurthy Avenue in Kaspapuram village, under the Tambaram Joint 1 SRO, is Rs 1,650 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Mumurthy Avenue has changed

The guideline value for Mumurthy Avenue has seen several revisions over the years. The 2012 revision set the value at Rs 1,500 per sq.ft, which was then reduced to Rs 1,005 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,500 per sq.ft in 2023, and most recently, it rose to Rs 1,650 per sq.ft in 2024, marking a 10% increase from the previous year.

In terms of overall changes, the guideline value increased by 49% from 2017 to 2023. However, there was a decrease of 33% from 2012 to 2017. When considering the overall change from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Kaspapuram

Kaspapuram village has 76 streets under the Tambaram Joint 1 SRO, with the 2024 guideline values ranging from Rs 440 to Rs 4,300 per sq.ft. The median guideline value in this village is Rs 1,100 per sq.ft, placing Mumurthy Avenue's 2024 figure above this median.

• Mumurthy Avenue First Main Road: Rs 1,430 per sq.ft (2024)
• Mumurthy Avenue Second Main Road: Rs 1,430 per sq.ft (2024)
• M.M. Nagar Phase -3: Rs 1,650 per sq.ft (2024)
• Nehru Street: Rs 550 per sq.ft (2024)
• Mayana Salai: Rs 440 per sq.ft (2024)
• Mav Mummurthi Avenue: Rs 1,650 per sq.ft (2024)

Stamp duty and registration fee for property in Mumurthy Avenue

For a 1,000 sq.ft plot at the current guideline value of Rs 1,650 per sq.ft, the total guideline value amounts to Rs 16,50,000. The stamp duty at 7% would be Rs 1,15,500, and the registration fee at 2% would be Rs 33,000, bringing the total fees together to Rs 1,48,500. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mumurthy Avenue?

The Sub Registrar Office that covers Mumurthy Avenue is the Tambaram Joint 1 Sub Registrar Office, located at No.26, MES Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Kaspapuram. It serves as a benchmark for the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the buyer must pay stamp duty based on the guideline value or the sale price, whichever is higher. This ensures that the transaction is recorded at a value that reflects the property's worth according to the government's assessment.

Frequently asked questions

What is the current guideline value of Mumurthy Avenue?

The current guideline value of Mumurthy Avenue is Rs 1,650 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,500 per sq.ft in 2012 to Rs 1,005 per sq.ft in 2017, then increased to Rs 1,500 per sq.ft in 2023, and finally to Rs 1,650 per sq.ft in 2024.

What is the land classification for Mumurthy Avenue?

Mumurthy Avenue is classified as Residential Special Type - I, indicating its suitability for residential development.

What are the stamp duty rates for property transactions?

The stamp duty for property transactions is typically charged at 7% of the guideline value or sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.

Where can I find the Sub Registrar Office for Mumurthy Avenue?

The Sub Registrar Office covering Mumurthy Avenue is located at No.26, MES Road, East Tambaram, Chennai-600059, in the Chengalpattu registration zone.