Guideline Value for Munusamy Nagar 6th Street (Ward 23)

Munusamy Nagar 6th Street (Ward 23) guideline value

The current guideline value of Munusamy Nagar 6th Street (Ward 23) is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madhavaram village and falls under the Madhavaram SRO, classified as Residential Class III Type - I.

How the guideline value of Munusamy Nagar 6th Street (Ward 23) has changed

In the 2012 revision, the guideline value was Rs 1,200 per sq.ft. This figure remained unchanged until the 2023 revision, which also recorded Rs 1,200 per sq.ft. However, in the 2024 revision, the guideline value increased to Rs 1,300 per sq.ft, marking an 8% rise from the previous year.

Overall, from the 2012 revision to the 2024 revision, there has been an 8% increase in the guideline value. The register does not provide figures for the years 2002, 2003, 2007, and 2017 for this street.

Guideline values in Madhavaram

In Madhavaram, there are 1,946 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,300 to Rs 7,500 per sq.ft, with a median value of Rs 1,600 per sq.ft. The guideline value for Munusamy Nagar 6th Street (Ward 23) is below this median.

• Munusamy Nagar 5th Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 7th 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 Extension (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 3rd Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar Ext, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Nagar 6th Street (Ward 23)

For a 1,000 sq.ft plot at the current rate of Rs 1,300 per sq.ft, the 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, totaling Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Munusamy Nagar 6th Street (Ward 23)?

The Sub Registrar Office that covers Munusamy Nagar 6th 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 information.

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

The guideline value is a crucial factor during property registration in Madhavaram. It serves as a benchmark for determining the minimum price at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees, which are necessary for the legal transfer of property ownership. This ensures transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Munusamy Nagar 6th Street (Ward 23)?

The current guideline value of Munusamy Nagar 6th 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 seen an increase from Rs 1,200 per sq.ft in 2012 to Rs 1,300 per sq.ft in 2024, marking an 8% rise. There were no changes recorded in the years 2017, 2007, 2003, and 2002 for this street.

What is the land classification of Munusamy Nagar 6th Street?

Munusamy Nagar 6th Street is classified as Residential Class III Type - I. This classification indicates the type of development and usage permitted in the area.

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 example, for a 1,000 sq.ft plot at the current rate, the total fees would amount to Rs 1,17,000.

Which office handles registrations for Munusamy Nagar 6th Street?

The Madhavaram Sub Registrar Office handles registrations for Munusamy Nagar 6th Street (Ward 23). It is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.