Guideline Value for Municipal Road

Municipal Road guideline value

The current guideline value of Municipal Road in Zaminpallavaram village under the Pallavaram SRO is Rs 3,300 per sq.ft, effective from 1 July 2024. This street falls under the Residential Class I Type - II land classification.

How the guideline value of Municipal Road has changed

The guideline value for Municipal Road has seen several revisions over the years. In 2003, the value was Rs 747 per sq.ft, which increased to Rs 1,000 per sq.ft in 2007, marking a 34% rise. The value then jumped significantly to Rs 3,000 per sq.ft in 2012, reflecting a 200% increase. However, it decreased to Rs 2,010 per sq.ft in 2017, a decline of 33%. The value further increased to Rs 3,000 per sq.ft in 2023, and then to Rs 3,300 per sq.ft in 2024, showing a 10% rise.

Overall, from 2003 to 2024, the guideline value has increased by 342%. It is important to note that there is no figure available for the year 2002 in the register 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 value for these streets is Rs 3,300 per sq.ft, which is equal to the current guideline value of Municipal Road.

• Muneswarar Koil Street: Rs 3,300 per sq.ft (2024)
• Munusamy Street: Rs 3,520 per sq.ft (2024)
• Mumurthi Nagar Main Road: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 5th Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 4th Street: Rs 3,300 per sq.ft (2024)
• Mumurthi Nagar 3rd Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Municipal 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 for these fees 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 more detailed calculations.

Which Sub Registrar Office covers Municipal Road?

The Municipal Road is covered by the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, in the 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 an essential factor in the registration process when buying or selling property in Zaminpallavaram. It serves as a benchmark for determining the applicable stamp duty and registration fees, ensuring that the transaction is recorded accurately in the official register.

When a property is sold, the buyer and seller must consider the guideline value to ensure compliance with local regulations. This value is used to calculate the fees that must be paid at the time of registration, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Municipal Road?

The current guideline value of Municipal Road in Zaminpallavaram 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 747 per sq.ft in 2003 to Rs 3,300 per sq.ft in 2024, reflecting a total increase of 342% over the years.

What are the stamp duty and registration fees for Municipal Road?

For a property measuring 1,000 sq.ft, the total guideline value is Rs 33,00,000. The stamp duty at 7% is Rs 2,31,000, and the registration fee at 2% is Rs 66,000, totaling Rs 2,97,000 for these fees.

Which office handles registrations for Municipal Road?

The Pallavaram Sub Registrar Office handles registrations for Municipal Road, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the land classification for Municipal Road?

Municipal Road is classified under Residential Class I Type - II, indicating its suitability for residential development.