Guideline Value for Munusamy Street

Munusamy Street guideline value

The current guideline value of Munusamy Street in Chinna Sembaram Bakkam village is Rs 1,100 per sq.ft, effective from 1 July 2024. This street falls under the Sembiam Sub Registrar Office (SRO) and is classified as Residential Class III Type - I.

How the guideline value of Munusamy Street has changed

The guideline value for Munusamy Street has seen several revisions over the years. In 2003, the value was Rs 306 per sq.ft, which increased to Rs 500 per sq.ft in 2007. Following this, the value doubled to Rs 1,000 per sq.ft in 2012, but then decreased to Rs 670 per sq.ft in 2017. The value then rose significantly to Rs 1,000 per sq.ft in 2023, and currently stands at Rs 1,100 per sq.ft as per the 2024 revision. The register has no figure for this street in 2002.

Between the revisions, the changes have varied. From 2003 to 2007, the value increased by 63%. However, from 2012 to 2017, there was a decrease of 33%. The value then rose by 49% from 2017 to 2023, followed by a 10% increase from 2023 to 2024. Overall, the guideline value has increased by 259% from 2003 to 2024.

Guideline values in Chinna Sembaram Bakkam

In Chinna Sembaram Bakkam, there are 37 streets under the Sembiam SRO that have a 2024 guideline value ranging from Rs 1,100 to Rs 2,700 per sq.ft, with a median value of Rs 1,400 per sq.ft. Munusamy Street's 2024 figure is below this median.

• Madurai Pillai Street: Rs 1,400 per sq.ft (2024)
• Madurai Pillai 2nd Lane: Rs 1,100 per sq.ft (2024)
• Madurai Pillai 1st Lane: Rs 1,100 per sq.ft (2024)
• Pilkinstan Street: Rs 2,200 per sq.ft (2024)
• Ponnusamy Street: Rs 1,100 per sq.ft (2024)
• Ponnuvel Puram 1st Street: Rs 1,100 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 1,100 per sq.ft, the total guideline value would be Rs 11,00,000. The stamp duty at 7% would amount to Rs 77,000, and the registration fee at 2% would be Rs 22,000, making the total fees together Rs 99,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Munusamy Street?

The Sub Registrar Office that covers Munusamy Street is the Sembiam Sub Registrar Office, located at 5, Papermills Road, Sembiam, Chennai - 600011. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Chinna Sembaram Bakkam

The guideline value is a crucial factor when registering property transactions in Chinna Sembaram Bakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the transaction is recorded at a fair value.

When buying or selling property, the guideline value helps in calculating the applicable stamp duty and registration fees. This ensures transparency and compliance with legal requirements during the registration process.

Frequently asked questions

What is the current guideline value of Munusamy Street?

The current guideline value of Munusamy Street is Rs 1,100 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed multiple times, starting from Rs 306 per sq.ft in 2003 to Rs 1,100 per sq.ft in 2024, marking an overall increase of 259%.

What is the land classification for Munusamy Street?

Munusamy Street is classified as Residential Class III Type - I, indicating its designation for residential use.

Where can I find the Sembiam Sub Registrar Office?

The Sembiam Sub Registrar Office is located at 5, Papermills Road, Sembiam, Chennai - 600011. This office handles property registrations for Munusamy Street.

How is the stamp duty calculated for properties in Munusamy Street?

Stamp duty is calculated at 7% of the guideline value or the sale price, whichever is higher. Additionally, a registration fee of 2% is applicable.