Guideline Value for Munusamy Garden (Ward-02)

Munusamy Garden (Ward-02) guideline value

The current guideline value of Munusamy Garden (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village and falls under the Madhavaram SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Munusamy Garden (Ward-02) has changed

Over the years, the guideline value of Munusamy Garden (Ward-02) has seen several revisions. The 2012 revision set the value at Rs 1,200 per sq.ft, which then decreased to Rs 804 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,200 per sq.ft in 2023 and further rose to Rs 1,300 per sq.ft in the 2024 revision. The register has no figures for the years 2002, 2003, and 2007.

From the 2017 revision to the 2023 revision, there was a significant increase of 49%. The value then saw an 8% increase from 2023 to 2024. Overall, when comparing the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that have a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median value for these streets is Rs 1,600 per sq.ft, indicating that the guideline value of Munusamy Garden (Ward-02) is below this median.

• Munusamy Nagar 1st Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 2nd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 3rd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 4th Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 5th Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 6th Street (Ward 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Garden (Ward-02)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, while the registration fee at 2% would be Rs 26,000, making the total fees Rs 1,17,000. 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 assistance.

Which Sub Registrar Office covers Munusamy Garden (Ward-02)?

The Sub Registrar Office that covers Munusamy Garden (Ward-02) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more information.

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

The guideline value is a crucial factor in the registration process when buying or selling property in Madhavaram. It serves as the minimum value on which stamp duty and registration fees are calculated, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to determine the applicable stamp duty and registration fees. This ensures that all property transactions are fairly assessed according to the current market standards set by the government.

Frequently asked questions

What is the current guideline value of Munusamy Garden (Ward-02)?

The current guideline value of Munusamy Garden (Ward-02) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Munusamy Garden (Ward-02)?

Munusamy Garden (Ward-02) is classified as Residential Class III Type - I.

What other streets have the same guideline value in Madhavaram?

Other streets in Madhavaram with the same guideline value of Rs 1,300 per sq.ft for 2024 include Munusamy Nagar 1st Street, Munusamy Nagar 2nd Street, Munusamy Nagar 3rd Street, Munusamy Nagar 4th Street, Munusamy Nagar 5th Street, and Munusamy Nagar 6th Street.

Where can I find the Sub Registrar Office for Munusamy Garden (Ward-02)?

The Sub Registrar Office for Munusamy Garden (Ward-02) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.