Guideline Value for Munvar Avenue 1st Street

Munvar Avenue 1st Street guideline value

The current guideline value of Munvar Avenue 1st Street is Rs 4,950 per sq.ft, effective from 1 July 2024. This street is located in Issa Pallavaram village, under the Pallavaram SRO, and is classified as Mixed Type - I land.

How the guideline value of Munvar Avenue 1st Street has changed

The guideline value for Munvar Avenue 1st Street has seen several revisions over the years. In 2003, the guideline value was Rs 245 per sq.ft. This increased significantly to Rs 600 per sq.ft in 2007, marking a 145% rise. The value then surged to Rs 4,500 per sq.ft in 2012, reflecting a substantial increase of 650%. However, in 2017, the value dropped to Rs 3,015 per sq.ft, a decrease of 33%. The guideline value then rose to Rs 4,500 per sq.ft in 2023, followed by a further increase to Rs 4,950 per sq.ft in 2024, which is a 10% rise.

Overall, from 2003 to 2024, the guideline value has increased by 1920%. The register has no figure for the year 2002 for this street.

Guideline values in Issa Pallavaram

In Issa Pallavaram, there are 110 streets under the Pallavaram SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 11,000 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing Munvar Avenue 1st Street's current value above this median.

• Munvar Avenue: Rs 4,950 per sq.ft (2024)
• Munvar Avenue 2nd Street: Rs 4,950 per sq.ft (2024)
• Munvar Avenue 3rd Street: Rs 4,950 per sq.ft (2024)
• Munuswamy Mesthri Street: Rs 3,300 per sq.ft (2024)
• Munuswamy Mesthri Cross Street: Rs 3,300 per sq.ft (2024)
• Munusamy Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in Munvar Avenue 1st Street

For a 1,000 sq.ft plot at the current guideline value of Rs 4,950 per sq.ft, the total guideline value amounts to Rs 49,50,000. The stamp duty, charged at 7%, would be Rs 3,46,500, and the registration fee, charged at 2%, would be Rs 99,000. Together, the total cost for these fees would be Rs 4,45,500. 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 Munvar Avenue 1st Street?

The Sub Registrar Office that covers Munvar Avenue 1st Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, 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 Issa Pallavaram

The guideline value is a critical factor in property transactions in Issa Pallavaram. It serves as a benchmark for determining the minimum value at which a property can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

It is essential for buyers and sellers to be aware of the current guideline value, as it directly impacts the cost of registration. Ensuring that the property is registered at or above the guideline value helps in maintaining compliance with local regulations.

Frequently asked questions

What is the current guideline value of Munvar Avenue 1st Street?

The current guideline value of Munvar Avenue 1st Street is Rs 4,950 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 245 per sq.ft in 2003 to Rs 4,950 per sq.ft in 2024, reflecting an overall increase of 1920% over this period.

What is the stamp duty rate for properties in Munvar Avenue 1st Street?

The stamp duty rate for properties in Munvar Avenue 1st Street is 7% of the guideline value or sale price, whichever is higher.

Where is the Pallavaram Sub Registrar Office located?

The Pallavaram Sub Registrar Office is located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the minimum registration value of a property, impacting the stamp duty and registration fees during a property transaction.