Guideline Value for Munusamy Nagar

Munusamy Nagar guideline value

The current guideline value of Munusamy Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024. This area is located in Kodungaiyur village and falls under the Madhavaram SRO, classified as Residential Class I Type - I.

How the guideline value of Munusamy Nagar has changed

The guideline value for Munusamy Nagar has seen several revisions over the years. The most recent revision in 2024 set the value at Rs 2,700 per sq.ft, which is an increase from Rs 2,500 per sq.ft in the 2023 revision. Notably, there was no change in the value from 2012 to 2023, where it remained at Rs 2,500 per sq.ft.

Looking further back, the 2012 revision also recorded a guideline value of Rs 2,500 per sq.ft. The revisions for the years 2002, 2003, 2007, and 2017 have no figures available for this street in the register. Overall, from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Kodungaiyur

Kodungaiyur has a total of 1318 streets under the Madhavaram SRO, with guideline values ranging from Rs 1,900 to Rs 4,000 per sq.ft. The median guideline value for the area is Rs 2,700 per sq.ft, which is the same as the current figure for Munusamy Nagar.

• Munusamy Reddiar Nagar: Rs 2,700 per sq.ft (2024)
• Munusamy Reddy Colony 1st Cross Street: Rs 2,700 per sq.ft (2024)
• Munusamy Reddy Colony 1st Main Road: Rs 2,700 per sq.ft (2024)
• Munusamy Reddy Colony 2nd Cross Street: Rs 2,700 per sq.ft (2024)
• Munusamy Reddy Colony 2nd Main Road: Rs 2,700 per sq.ft (2024)
• Munusamy Reddy Colony 3rd Cross Street: Rs 2,700 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 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total to Rs 2,43,000. It is important 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?

The Sub Registrar Office that covers Munusamy Nagar 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 Kodungaiyur

The guideline value is a crucial factor during the registration of property transactions in Kodungaiyur. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When a property is registered, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the correct amount of revenue from property transactions.

Frequently asked questions

What is the current guideline value of Munusamy Nagar?

The current guideline value of Munusamy Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has increased from Rs 2,500 per sq.ft in 2023 to Rs 2,700 per sq.ft in 2024, marking an 8% increase. There were no changes recorded from 2012 to 2023, where the value remained at Rs 2,500 per sq.ft.

What is the land classification of Munusamy Nagar?

Munusamy Nagar is classified as Residential Class I Type - I, indicating its suitability for residential development.

Where can I find the Madhavaram Sub Registrar Office?

The Madhavaram Sub Registrar Office is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles the registration of properties in the area.

How is stamp duty calculated in Munusamy Nagar?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, on a property valued at Rs 27,00,000, the stamp duty would be Rs 1,89,000 at a rate of 7%.