Guideline Value for Munusamy Street

Munusamy Street guideline value

The current guideline value of Munusamy Street is Rs 4,800 per sq.ft, effective from 1 July 2024. This street is located in Vepery village and falls under the Periamet SRO, classified as Residential Class II Type - II.

How the guideline value of Munusamy Street has changed

The guideline value for Munusamy Street has seen several revisions over the years. In 2007, the guideline value was Rs 800 per sq.ft, which increased significantly to Rs 4,500 per sq.ft in 2012. However, it then dropped to Rs 3,015 per sq.ft in 2017. The value rose again to Rs 4,500 per sq.ft in 2023, and currently stands at Rs 4,800 per sq.ft as of the 2024 revision. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Examining the changes, from 2007 to 2012, the guideline value increased by 463%. However, it experienced a decrease of 33% from 2012 to 2017. The value rebounded with a 49% increase from 2017 to 2023, and a further 7% increase from 2023 to 2024. Overall, from 2007 to 2024, the guideline value has risen by 500%.

Guideline values in Vepery

In Vepery, there are 290 streets under the Periamet SRO that have a 2024 guideline value ranging from Rs 2,200 to Rs 22,000 per sq.ft. The median value for these streets is Rs 4,800 per sq.ft, making Munusamy Street's 2024 figure equal to this median.

• Mothilal Street: Rs 2,700 per sq.ft (2024)
• Mothilal Nehru Street: Rs 2,700 per sq.ft (2024)
• Mosque Street: Rs 3,300 per sq.ft (2024)
• Muthugramani Street: Rs 6,000 per sq.ft (2024)
• Nabhikhan Subedhar Street: Rs 6,000 per sq.ft (2024)
• Nagathamman Koil: Rs 2,700 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 4,800 per sq.ft, the total guideline value would be Rs 48,00,000. The stamp duty, charged at 7%, would amount to Rs 3,36,000, while the registration fee at 2% would be Rs 96,000. Together, these fees would total Rs 4,32,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information on calculating these fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Munusamy Street?

The Sub Registrar Office covering Munusamy Street is the Periamet Sub Registrar Office, located at 1103, Poonamallee High Road, Chennai-600 003. You can find your SRO for additional details.

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

The guideline value plays a crucial role in the registration process when buying or selling property in Vepery. It serves as a benchmark for calculating the stamp duty and registration fees, ensuring that these costs are based on an official assessment of property values in the area.

When a property is sold, the guideline value is used to determine the applicable fees, which are charged on the higher of the guideline value or the sale price. This ensures that the government receives appropriate 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 4,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 800 per sq.ft in 2007 to Rs 4,800 per sq.ft in 2024, reflecting an overall increase of 500% over this period.

What is the median guideline value in Vepery?

The median guideline value for the 290 streets in Vepery under the Periamet SRO is Rs 4,800 per sq.ft, which is the same as the current value for Munusamy Street.

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

For a property valued at Rs 48,00,000, the stamp duty would be Rs 3,36,000 and the registration fee would be Rs 96,000, totaling Rs 4,32,000.

Which office handles registrations for Munusamy Street?

The Periamet Sub Registrar Office at 1103, Poonamallee High Road, Chennai-600 003 is responsible for registrations related to Munusamy Street.