Guideline Value for Muniappa Nagar 1st Cross Street

Muniappa Nagar 1st Cross Street guideline value

The current guideline value of Muniappa Nagar 1st Cross Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Nerkundram village under the Virugambakkam SRO, classified as Residential Class IV Type - I.

How the guideline value of Muniappa Nagar 1st Cross Street has changed

The guideline value for Muniappa Nagar 1st Cross Street has seen several revisions over the years. In 2002, the guideline value was Rs 296 per sq.ft. This increased to Rs 327 per sq.ft in 2003, followed by a rise to Rs 500 per sq.ft in 2007. The value then surged to Rs 2,000 per sq.ft in 2012, before dropping to Rs 1,340 per sq.ft in 2017. The value increased again to Rs 2,000 per sq.ft in 2023, and currently stands at Rs 2,200 per sq.ft from the 2024 revision.

Between the revisions, the most significant changes occurred from 2007 to 2012 with a 300% increase, and from 2017 to 2023 with a 49% increase. The latest revision from 2023 to 2024 reflects a 10% increase. Overall, from 2002 to 2024, the guideline value has increased by 643%.

Guideline values in Nerkundram

Nerkundram village has a total of 476 streets under the Virugambakkam SRO, with the 2024 guideline values ranging from Rs 1,650 to Rs 6,600 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current guideline value of Muniappa Nagar 1st Cross Street.

• Muniappa Nagar 1st Main Road: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 2nd Cross Street: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 2nd Main Road: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 3rd Cross Street: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 3rd Main Road: Rs 2,200 per sq.ft (2024)
• Muniappa Nagar 4th Cross Street: Rs 2,200 per sq.ft (2024)

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

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, while the registration fee at 2% would be Rs 44,000. Together, these fees would total Rs 1,98,000. 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 Muniappa Nagar 1st Cross Street?

The Muniappa Nagar 1st Cross Street falls under the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value plays a crucial role when buying or selling property in Nerkundram. It serves as a benchmark for determining the minimum price at which a property can be registered. Buyers and sellers must consider this value to ensure compliance with local regulations during the registration process.

When a property transaction occurs, the registration office uses the guideline value to calculate the applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Muniappa Nagar 1st Cross Street?

The current guideline value of Muniappa Nagar 1st Cross Street is Rs 2,200 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 296 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of 643% over this period.

What are the stamp duty rates for property transactions in Muniappa Nagar 1st Cross Street?

The stamp duty rate for property transactions in Muniappa Nagar 1st Cross Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Sub Registrar Office for Muniappa Nagar 1st Cross Street located?

The Sub Registrar Office for Muniappa Nagar 1st Cross Street is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

What is the median guideline value for streets in Nerkundram?

The median guideline value for streets in Nerkundram is Rs 2,200 per sq.ft, which is the same as the current guideline value for Muniappa Nagar 1st Cross Street.