Guideline Value for Munuswamy Mestri Street

Munuswamy Mestri Street guideline value

The current guideline value of Munuswamy Mestri Street is Rs 1,760 per sq.ft, effective from 1 July 2024. This street is located in Pammal village, under the Pammal Sub Registrar Office (SRO), and falls under the Residential Class III Type - II land classification.

How the guideline value of Munuswamy Mestri Street has changed

The guideline value of Munuswamy Mestri Street has seen significant changes over the years. In 2002, the value was Rs 113 per sq.ft, which increased to Rs 128 per sq.ft in 2003, marking a rise of 13%. By 2007, the value had jumped to Rs 260 per sq.ft, reflecting a 103% increase from the previous revision. However, there is no figure available for the revisions in 2012 and 2017.

From 2007, the guideline value surged to Rs 1,600 per sq.ft in 2023, representing a remarkable increase of 515%. The most recent revision in 2024 has set the value at Rs 1,760 per sq.ft, which is a 10% increase from the previous year. Overall, from 2002 to 2024, the guideline value has increased by 1458%.

Guideline values in Pammal

Pammal village has a total of 926 streets under the Pammal SRO, with 2024 guideline values ranging from Rs 880 to Rs 3,300 per sq.ft. The median value for these streets is Rs 2,090 per sq.ft, indicating that the guideline value of Munuswamy Mestri Street is below this median.

• Munuswamy Street (Cho) / Muthamzhi Nagar: Rs 2,475 per sq.ft (2024)
• Munuswamy Street / Thiruvallur Nagar: Rs 2,475 per sq.ft (2024)
• Munuswamy Street / Veeraswamy Nagar: Rs 1,980 per sq.ft (2024)
• Murdasa Street / Lord Srinivasa Colony: Rs 1,760 per sq.ft (2024)
• Munuadhi Street / Thiruvalluvar Nagar: Rs 2,475 per sq.ft (2024)
• Munuadhi Street / Pasumpon Nagar: Rs 1,980 per sq.ft (2024)

Stamp duty and registration fee for property in Munuswamy Mestri Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,760 per sq.ft, the total guideline value would be Rs 17,60,000. The stamp duty at 7% would amount to Rs 1,23,200, while the registration fee at 2% would be Rs 35,200, bringing the total to Rs 1,58,400. 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 fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Munuswamy Mestri Street?

The Sub Registrar Office covering Munuswamy Mestri Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, in the Chengalpattu registration zone. You can find your SRO for more details.

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

The guideline value plays a crucial role in property transactions in Pammal. When buying or selling property, the guideline value is used to determine the stamp duty and registration fees, which are mandatory costs associated with the transaction. This ensures that all parties are aware of the financial obligations tied to the property transfer.

During registration, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties. This process helps maintain transparency and standardization in property transactions within the region.

Frequently asked questions

What is the current guideline value of Munuswamy Mestri Street?

The current guideline value of Munuswamy Mestri Street is Rs 1,760 per sq.ft, effective from 1 July 2024.

How much has the guideline value changed over the years?

The guideline value has increased significantly from Rs 113 per sq.ft in 2002 to Rs 1,760 per sq.ft in 2024, marking an overall increase of 1458% over the years.

What is the land classification of Munuswamy Mestri Street?

Munuswamy Mestri Street is classified as Residential Class III Type - II.

What are the stamp duty and registration fees for property transactions?

Stamp duty is charged at 7% of the guideline value or sale price, whichever is higher, while the registration fee is charged at 2% of the same. For example, for a plot valued at Rs 17,60,000, the total fees would amount to Rs 1,58,400.

Which Sub Registrar Office covers the area of Munuswamy Mestri Street?

The Pammal Sub Registrar Office covers Munuswamy Mestri Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.