Guideline Value for Munuswamy Street (S.No 38)

Munuswamy Street (S.No 38) guideline value

The current guideline value of Munuswamy Street (S.No 38) is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Virugambakkam village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class III Type - I.

How the guideline value of Munuswamy Street (S.No 38) has changed

Over the years, the guideline value of Munuswamy Street has seen significant changes. The register shows the following revisions: In 2003, the value was Rs 647 per sq.ft, which increased to Rs 1,450 per sq.ft in 2007. This was followed by a rise to Rs 4,000 per sq.ft in 2012, but then it decreased to Rs 2,680 per sq.ft in 2017. The value rose again to Rs 4,000 per sq.ft in 2023, and currently stands at Rs 4,400 per sq.ft as of the 2024 revision. The register has no figure for this street in 2002.

From 2017 to 2023, there was a notable increase of 49%. The value surged by 176% from 2007 to 2012, and from 2003 to 2007, it increased by 124%. The overall change from 2003 to 2024 reflects a substantial increase of 580%.

Guideline values in Virugambakkam

In Virugambakkam, there are 391 streets under the Virugambakkam SRO, with guideline values for 2024 ranging from Rs 2,750 to Rs 13,200 per sq.ft. The median guideline value is Rs 4,400 per sq.ft, which is equal to the current value of Munuswamy Street (S.No 38).

• Munusamy Road ( Near Prasad Colour Lab): Rs 8,800 per sq.ft (2024)
• Murugesan Street: Rs 3,850 per sq.ft (2024)
• M.G. Samy Nagar: Rs 3,850 per sq.ft (2024)
• Natesanagar I st Main Road: Rs 4,400 per sq.ft (2024)
• Natesanagar I st Main Road 2nd Cross Street: Rs 4,400 per sq.ft (2024)
• Natesanagar I st Main Road I St Cross Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Munuswamy Street (S.No 38)

For a 1,000 sq.ft plot at the current guideline value of Rs 4,400 per sq.ft, the total guideline value would be Rs 44,00,000. The stamp duty at 7% would amount to Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, bringing the total to Rs 3,96,000. It is important to note that the duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Munuswamy Street (S.No 38)?

The Sub Registrar Office that covers Munuswamy Street (S.No 38) is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more details.

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

The guideline value is a crucial factor when registering property transactions in Virugambakkam. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives the appropriate revenue from property transactions.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers should be aware that these fees are calculated based on the higher of the guideline value or the sale price, which can significantly impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Munuswamy Street (S.No 38)?

The current guideline value of Munuswamy Street (S.No 38) is Rs 4,400 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 647 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 580% over this period.

What is the land classification for Munuswamy Street (S.No 38)?

Munuswamy Street (S.No 38) is classified as Residential Class III Type - I.

Where can I find the Sub Registrar Office for Munuswamy Street (S.No 38)?

The Sub Registrar Office for Munuswamy Street (S.No 38) is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

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

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, a property valued at Rs 44,00,000 would incur a stamp duty of Rs 3,08,000 at 7%.