Guideline Value for Munusamy Nagar

Munusamy Nagar guideline value

The current guideline value of Munusamy Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024. This area is located in Mogalivakkam village under the Kunrathur SRO, classified as Residential Special Type - I.

How the guideline value of Munusamy Nagar has changed

The guideline value for Munusamy Nagar has undergone several revisions over the years. The 2007 revision set the value at Rs 600 per sq.ft, which increased significantly to Rs 2,700 per sq.ft in 2012, marking a rise of 350%. However, the following revision in 2017 saw a decrease to Rs 1,809 per sq.ft, a drop of 33%. The 2023 revision brought it back up to Rs 2,700 per sq.ft, and the latest 2024 revision has set the value at Rs 2,970 per sq.ft, an increase of 10% from the previous year.

From 2017 to 2023, the guideline value rose by 49%. Overall, from the 2007 revision to the 2024 revision, the value has increased by 395%. It is important to note that there are no figures available for the years 2002 and 2003 for this street.

Guideline values in Mogalivakkam

In Mogalivakkam, there are 98 streets under the Kunrathur SRO with a 2024 guideline value ranging from Rs 2,530 to Rs 6,600 per sq.ft. The median value is Rs 2,970 per sq.ft, which is the same as the current guideline value for Munusamy Nagar.

• Mm Avenue: Rs 3,600 per sq.ft (2024)
• Mettukuppam Bajanai Koil Street: Rs 2,970 per sq.ft (2024)
• Mettukuppam: Rs 2,970 per sq.ft (2024)
• Natarajan Avenue: Rs 2,970 per sq.ft (2024)
• Maris Avenue: Rs 6,600 per sq.ft (2024)
• Mariamman Koil Street: Rs 2,970 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,970 per sq.ft, the total guideline value amounts to Rs 29,70,000. The stamp duty at 7% would be Rs 2,07,900, and the registration fee at 2% would be Rs 59,400, making the total cost for these fees Rs 2,67,300. It's 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 details.

Which Sub Registrar Office covers Munusamy Nagar?

The Sub Registrar Office that covers Munusamy Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for more information.

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

The guideline value is a crucial factor during the registration of property in Mogalivakkam. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that these costs are based on a standardized value set by the government.

When buying or selling property, the guideline value helps in determining the minimum price at which a property can be registered. This ensures transparency in property transactions and helps in avoiding undervaluation.

Frequently asked questions

What is the current guideline value of Munusamy Nagar?

The current guideline value of Munusamy Nagar is Rs 2,970 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 600 per sq.ft in 2007 to Rs 2,970 per sq.ft in 2024, reflecting an overall increase of 395% over the years.

What is the land classification of Munusamy Nagar?

Munusamy Nagar is classified as Residential Special Type - I under the Kunrathur SRO.

Where can I find the registration office for Munusamy Nagar?

The registration office for Munusamy Nagar is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in Munusamy Nagar?

Stamp duty for properties in Munusamy Nagar is calculated based on the guideline value or the sale price, whichever is higher. For example, a 1,000 sq.ft plot at the current rate incurs a total stamp duty of Rs 2,07,900.