Guideline Value for Muniappa Nagar 3rd Cross Street

Muniappa Nagar 3rd Cross Street guideline value

The current guideline value for Muniappa Nagar 3rd 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, and is classified as Residential Class IV Type - I.

How the guideline value of Muniappa Nagar 3rd Cross Street has changed

The guideline value for Muniappa Nagar 3rd Cross Street has seen several revisions over the years. In 2002, the value was Rs 296 per sq.ft, which increased to Rs 327 per sq.ft in 2003. The value then rose significantly to Rs 500 per sq.ft in 2007, followed by a substantial jump to Rs 2,000 per sq.ft in 2012. However, it decreased to Rs 1,340 per sq.ft in 2017. From 2017 to 2023, the value increased sharply to Rs 2,000 per sq.ft, and then rose again to the current figure of Rs 2,200 per sq.ft in the 2024 revision.

Overall, the guideline value has increased by 643% from 2002 to 2024. The changes between revisions include a 10% increase from 2023 to 2024, a 49% increase from 2017 to 2023, a 33% decrease from 2012 to 2017, a 300% increase from 2007 to 2012, a 53% increase from 2003 to 2007, and a 10% increase from 2002 to 2003.

Guideline values in Nerkundram

In Nerkundram village, there are 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 value is Rs 2,200 per sq.ft, which is equal to the current guideline value of Muniappa Nagar 3rd Cross Street.

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

Stamp duty and registration fee for property in Muniappa Nagar 3rd 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, and the registration fee at 2% would be Rs 44,000, bringing the total fees together to Rs 1,98,000. It is important to note that 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 3rd Cross Street?

The Sub Registrar Office that covers Muniappa Nagar 3rd Cross Street is 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 in the registration process when buying or selling property in Nerkundram. It is the minimum value set by the government for property transactions, ensuring that the sale price reflects the market conditions. Buyers and sellers must consider this value when negotiating the sale price.

At the time of registration, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Muniappa Nagar 3rd Cross Street?

The current guideline value of Muniappa Nagar 3rd 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 a total increase of 643% over the years.

What are the stamp duty and registration fees for properties in this area?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which Sub Registrar Office handles registrations for Muniappa Nagar 3rd Cross Street?

The Virugambakkam Sub Registrar Office handles registrations for Muniappa Nagar 3rd Cross Street, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How is the guideline value determined for properties in Nerkundram?

The guideline value is determined by the government and reflects the minimum value for property transactions in Nerkundram. It is based on various factors, including the location and type of property.