Guideline Value for Munusamy Nagar 7th Street (Ward 23)

Munusamy Nagar 7th Street (Ward 23) guideline value

The current guideline value of Munusamy Nagar 7th 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, and is classified as Residential Class III Type - I.

How the guideline value of Munusamy Nagar 7th Street (Ward 23) has changed

The guideline value for Munusamy Nagar 7th Street has undergone several revisions over the years. In 2012, the guideline value was Rs 1,200 per sq.ft. This decreased to Rs 804 per sq.ft in 2017, marking a decline of 33%. The value then increased significantly to Rs 1,200 per sq.ft in 2023, and further rose to Rs 1,300 per sq.ft in 2024, reflecting an increase of 8% from the previous year.

From 2012 to 2024, the overall change in the guideline value is an increase of 8%. The register does not contain figures for the years 2002, 2003, and 2007 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. The median guideline value for these streets is Rs 1,600 per sq.ft, placing Munusamy Nagar 7th Street's 2024 figure below that median.

• Munusamy Nagar 6th Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar Extension (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 5th Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar Ext, Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 4th Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 3rd Street (Ward 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Nagar 7th 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 would be Rs 13,00,000. The stamp duty at 7% would amount to Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Munusamy Nagar 7th Street (Ward 23)?

The Sub Registrar Office that covers Munusamy Nagar 7th Street (Ward 23) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for additional 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 a benchmark to determine the minimum value at which a property can be registered, ensuring that the transaction is documented at a fair value.

When a property is sold, the stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. This ensures that the authorities receive the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Munusamy Nagar 7th Street (Ward 23)?

The current guideline value of Munusamy Nagar 7th 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 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 Nagar 7th Street?

Munusamy Nagar 7th Street is classified as Residential Class III Type - I.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is stamp duty calculated for properties in Munusamy Nagar 7th Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000.