Guideline Value for Munusamy Nagar 2nd Street (Ward 23)

Munusamy Nagar 2nd Street (Ward 23) guideline value

The current guideline value of Munusamy Nagar 2nd Street (Ward 23) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Munusamy Nagar 2nd Street (Ward 23) has changed

The guideline value for Munusamy Nagar 2nd Street has seen several revisions over the years. In 2012, the value was set at Rs 1,200 per sq.ft. This decreased to Rs 804 per sq.ft in 2017, marking a decline of 33%. However, from 2017 to 2023, the value increased significantly by 49%, reaching Rs 1,200 per sq.ft. The most recent revision in 2024 has raised the guideline value to Rs 1,300 per sq.ft, reflecting an 8% increase from the previous year.

It is important to note that the register has no figures for the years 2002, 2003, and 2007 for this street. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

Madhavaram village has a wide range of guideline values across its 1,946 streets under the Madhavaram SRO, with values ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in this area is Rs 1,600 per sq.ft, placing Munusamy Nagar 2nd Street's 2024 figure below that median.

• Munusamy Nagar 1st 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)
• Munusamy Nagar 7th Street (Ward 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Nagar 2nd Street (Ward 23)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value amounts to Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, bringing the total cost for these fees to Rs 1,17,000. It is essential 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 Munusamy Nagar 2nd Street (Ward 23)?

The Sub Registrar Office that covers Munusamy Nagar 2nd Street (Ward 23) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Madhavaram. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded accurately in the official register.

When buying or selling property, the guideline value is used to calculate applicable fees such as stamp duty and registration fees. These fees are based on the guideline value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Munusamy Nagar 2nd Street?

The current guideline value of Munusamy Nagar 2nd Street (Ward 23) 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 back 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 for Munusamy Nagar 2nd Street?

Munusamy Nagar 2nd Street is classified as Residential Class III Type - I, indicating its suitability for residential purposes.

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

The stamp duty is calculated at 7% of the guideline value, and the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would amount to Rs 1,17,000.

Which office handles registrations for Munusamy Nagar 2nd Street?

The Madhavaram Sub Registrar Office handles registrations for Munusamy Nagar 2nd Street, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.