Guideline Value for Munuswamy Thottam (Ward-2)

Munuswamy Thottam (Ward-2) guideline value

The current guideline value of Munuswamy Thottam (Ward-2) is Rs 1,300 per sq.ft, effective from 1 July 2024. This area is located in Madhavaram village, under the Madhavaram SRO, and is classified as Residential Class III Type - I.

How the guideline value of Munuswamy Thottam (Ward-2) has changed

The guideline value for Munuswamy Thottam has seen several revisions over the years. The 2012 revision set the value at Rs 1,200 per sq.ft, which then dropped to Rs 804 per sq.ft in 2017. Following this, the value increased significantly to Rs 1,200 per sq.ft in 2023, and currently stands at Rs 1,300 per sq.ft from the 2024 revision. The register has no figures for the years 2002, 2003, and 2007 for this street.

From 2017 to 2023, there was a notable increase of 49%, while the value decreased by 33% from 2012 to 2017. Comparing the overall change from 2012 to 2024, the guideline value has increased by 8%.

Guideline values in Madhavaram

Madhavaram village has a range of guideline values for its 1,946 streets, with the 2024 figures ranging from Rs 1,300 to Rs 7,500 per sq.ft. The median guideline value in the village is Rs 1,600 per sq.ft, placing Munuswamy Thottam's current value below this median.

• Munusamy Nagar , Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar Ext , Ponniammanmedu (Ward-23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar Extension (Ponniamman Medu): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 7th Street (Ward 23): Rs 1,300 per sq.ft (2024)
• Munusamy Nagar 6th Street (Ward 23): Rs 1,300 per sq.ft (2024)

Stamp duty and registration fee for property in Munuswamy Thottam (Ward-2)

For a 1,000 sq.ft plot at the current guideline value of Rs 1,300 per sq.ft, the total guideline value would be Rs 13,00,000. The stamp duty at 7% would be Rs 91,000, and the registration fee at 2% would be Rs 26,000, totaling Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value and the sale price.

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

Which Sub Registrar Office covers Munuswamy Thottam (Ward-2)?

The Sub Registrar Office that covers Munuswamy Thottam (Ward-2) is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for further assistance.

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

The guideline value is a crucial factor when buying or selling property in Madhavaram, as it determines the minimum value at which a property can be registered. This value is used to calculate the stamp duty and registration fees, ensuring that both parties comply with the legal requirements during the transaction.

When a property is sold, the guideline value is compared with the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue based on the property's value.

Frequently asked questions

What is the current guideline value of Munuswamy Thottam (Ward-2)?

The current guideline value of Munuswamy Thottam (Ward-2) is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

Over the years, the guideline value has changed significantly. It was Rs 1,200 per sq.ft in 2012, dropped to Rs 804 per sq.ft in 2017, increased to Rs 1,200 per sq.ft in 2023, and is now Rs 1,300 per sq.ft in 2024.

What is the stamp duty for property in Munuswamy Thottam (Ward-2)?

The stamp duty for property in Munuswamy Thottam is calculated at 7% of the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft plot, the stamp duty would be Rs 91,000 based on the current guideline value.

Where is the Sub Registrar Office for Munuswamy Thottam (Ward-2)?

The Sub Registrar Office for Munuswamy Thottam (Ward-2) is located at No.7, Roja Nagar, Madhavaram, Chennai-600060. This office handles all registration activities for the area.

What is the land classification for Munuswamy Thottam (Ward-2)?

Munuswamy Thottam (Ward-2) is classified as Residential Class III Type - I. This classification is important for understanding the zoning and permissible uses of the land.