Guideline Value for Munusamy Street

Munusamy Street guideline value

The current guideline value of Munusamy Street is Rs 5,500 per sq.ft, effective from 1 July 2024. This street is located in Nanganallur village, under the Alandur SRO, and is classified as Commercial Class I Type - I.

How the guideline value of Munusamy Street has changed

The guideline value for Munusamy Street has undergone several revisions over the years. In 2002, the value was Rs 327 per sq.ft, which increased to Rs 372 per sq.ft in 2003. Following that, there was a significant rise to Rs 1,200 per sq.ft in 2007, and it further increased to Rs 5,000 per sq.ft in 2012. However, the value saw a decrease to Rs 3,350 per sq.ft in 2017, before rising to Rs 5,000 per sq.ft in 2023, and finally reaching Rs 5,500 per sq.ft in the 2024 revision.

In summary, the changes in guideline value are as follows: from 2002 to 2003, there was an increase of 14%; from 2003 to 2007, the value rose by 223%; from 2007 to 2012, it increased by 317%; however, from 2012 to 2017, there was a decrease of 33%. The value then increased by 49% from 2017 to 2023, and from 2023 to 2024, it rose by 10%. Overall, from 2002 to 2024, the guideline value has increased by 1582%.

Guideline values in Nanganallur

Nanganallur village has a range of guideline values for its streets, with 155 streets under the Alandur SRO carrying a 2024 figure between Rs 2,800 and Rs 6,600 per sq.ft. The median guideline value in this area is Rs 3,900 per sq.ft, placing Munusamy Street's 2024 figure above this median.

• Nanga Nallur Co-operative Housing Society Colony 10th Street: Rs 3,900 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 11th Street: Rs 3,900 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 12th Street: Rs 3,900 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 13th Street: Rs 5,000 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 14th Street: Rs 5,000 per sq.ft (2024)
• Nanga Nallur Co-operative Housing Society Colony 15th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 5,500 per sq.ft, the total guideline value would be Rs 55,00,000. The stamp duty at 7% would be Rs 3,85,000, and the registration fee at 2% would be Rs 1,10,000, bringing the total to Rs 4,95,000. 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 Street?

The Sub Registrar Office that covers Munusamy Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for additional information.

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

The guideline value is essential during the registration of property transactions in Nanganallur. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid when a property is bought or sold.

When a buyer and seller agree on a sale price, the higher amount between the sale price and the guideline value 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 Street?

The current guideline value of Munusamy Street is Rs 5,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 327 per sq.ft in 2002 to Rs 5,500 per sq.ft in 2024, marking an overall increase of 1582% over this period.

What is the land classification for Munusamy Street?

Munusamy Street is classified as Commercial Class I Type - I, which reflects its use and zoning regulations.

What are the stamp duty and registration fees for a property on Munusamy Street?

For a property valued at Rs 55,00,000, the stamp duty would be Rs 3,85,000 and the registration fee would be Rs 1,10,000, totaling Rs 4,95,000.

Where can I find the Sub Registrar Office for Munusamy Street?

The Alandur Sub Registrar Office covers Munusamy Street and is located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.