Guideline Value for Munusamy Reddy Colony

Munusamy Reddy Colony guideline value

The current guideline value of Munusamy Reddy Colony, located in Erukancherry village under the Madhavaram SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area falls under the Residential Class IV Type - I land classification.

How the guideline value of Munusamy Reddy Colony has changed

Since the 2012 revision, the guideline value has seen various changes. In 2012, the value was set at Rs 2,000 per sq.ft, which decreased to Rs 1,340 per sq.ft in 2017. However, from 2017 to 2023, there was a significant increase of 49%, bringing the value to Rs 2,000 per sq.ft. The latest revision in 2024 has further increased the value by 10%, resulting in the current rate of Rs 2,200 per sq.ft.

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 10%.

Guideline values in Erukancherry

In Erukancherry, there are 376 streets under the Madhavaram SRO that carry a 2024 guideline value ranging from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. Munusamy Reddy Colony's 2024 figure is below this median.

• Murugesa Mudaliar Street: Rs 1,900 per sq.ft (2024)
• M.R. Nagar 6th Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 5th Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 4th Cross Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 3rd Street: Rs 2,500 per sq.ft (2024)
• M.R. Nagar 3rd Main Road: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Reddy Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is essential to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Munusamy Reddy Colony?

The Munusamy Reddy Colony is covered by the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. To find your SRO, you can visit find your SRO.

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

The guideline value is a crucial factor during the registration of property transactions in Erukancherry. It serves as a benchmark for determining the stamp duty and registration fees applicable during the sale or purchase of property.

When a property is sold, the guideline value ensures that the transaction is recorded at a fair value, preventing undervaluation. This helps maintain transparency and compliance with local regulations.

Frequently asked questions

What is the current guideline value of Munusamy Reddy Colony?

The current guideline value of Munusamy Reddy Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,000 per sq.ft in 2012 to Rs 1,340 per sq.ft in 2017, then increased to Rs 2,000 per sq.ft in 2023, and is currently Rs 2,200 per sq.ft in 2024.

What is the land classification of Munusamy Reddy Colony?

Munusamy Reddy Colony is classified as Residential Class IV Type - I.

Where can I find the Sub Registrar Office for Munusamy Reddy Colony?

The Madhavaram Sub Registrar Office covers Munusamy Reddy Colony and is located at No.7, Roja Nagar, Madhavaram, Chennai-600060.

How is the stamp duty calculated for properties in Munusamy Reddy Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 at 7%.